where market can fake your pattern and do not hit your 88 XA leg fibonacci retracement , you can avoid this just by looking to AB leg retracement (mainly i use 127_138 levels this is where i look into to place my trade ) then i confirm it with BC leg fibonacci retracement ( i always confirm it with AB leg retracement , i use 138_161 BC retracement mainly)
Comments
ccChimi
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i agree with what you say that markets do whatever they want to do ,and price does move down to x before reversing .
to me this is what i see while i trade and ''what fits my style of trading",,,i'm not saying i'm creating smthing new or anything ,, just sharing what i discover !!! all what i mean is that smtimes i don't care for the pattern to be completed or not
i try to predict the PRZ using fibo retracement which is my only indi i use to trade , and it is very powerfull to predict price reversals... and i do fundamentals considering the pair i'm going to trade ...
hope you got what i mean ;)
green pips to you dojitrader
dojitrader
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If I may be so bold as to inject a note of caution with regard to what you are suggesting - - - -
NO impertinence intended !!!!!
1) with standard or "normal" stops below X, and so many patterns do move down to X
before the price action reverses in the desired direction, your risk is much greater to reward.
2) I think traders should be cautious toward optimization or "curve fitting" patterns that did not complete.
In other words trying to see patterns where they do not exist.
3) To say that the "market can fake your pattern" implies that any potential pattern
MUST COMPLETE which of course is not the truth. Markets do whatever they do without
any regard for what we may or may not want to see.
4) The point is that any pattern that does not complete is no longer, or never was, that particular pattern ---
It is something else. To me anyway, to say this Bat pattern is a Bat pattern, even though it did not
actually become a Bat pattern is a little like putting 3 tires on a car and hoping it will make
it down the road simply because it is almost an automobile.
Well, that's my 1 & 1/2 cents worth ~~~~~
Wishing you lots of pips in your pocket for 2015 !!!!!!!!!
to me this is what i see while i trade and ''what fits my style of trading",,,i'm not saying i'm creating smthing new or anything ,, just sharing what i discover !!! all what i mean is that smtimes i don't care for the pattern to be completed or not
i try to predict the PRZ using fibo retracement which is my only indi i use to trade , and it is very powerfull to predict price reversals... and i do fundamentals considering the pair i'm going to trade ...
hope you got what i mean ;)
green pips to you dojitrader