Again, you think it will fall, yet you intend to catch a knife? :/
mehdii_sourav
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I lose some pips from this trade, but I always trade on advanced pattern. :)
IvanLabrie
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Do you have statistics on the success rate?
I'm more of a daily chart guy.
mehdii_sourav
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As I am a new trader, I can't assure you with the success rate.
But I win 150+ pips last week.
IvanLabrie
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Ah, I see.
I prefer to go with the trend and trade bigger timeframes.
I ask because in my experience I've only seen very few traders do well with these patterns, in particular one trader here is very good with them: fximperija.
Other than that, counter trend attempts with these have been really hit or miss, since the pattern might be too subjective, in my view.
Success rate aside, if your money management is good you can make money even with a 40% hit rate, but well.
mehdii_sourav
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yeah that's right.. a good money management is important.
but you can also check "Akil_Stokes" and "Jason_Staplton" they are also very good pattern trader but not only pattern. :)
IvanLabrie
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Yeah, I'm familiar with them.
Trust me, fximperija has this down to a science.
Akil and Jason are better speakers than they are analysts I fear (I do recall hearing Akil say he's more of a 50% guy).
Have you tried the 8h timeframe? I've found it filters the noise really well in FX.
Might work better to let the chart tell you how each session's fundamental events affected price.
That being said, I think fib clusters are a good idea, just not fond of the patterns themselves. Things with the most self fulfilled prophecy potential are worth looking at I think...or things with statistical odds. If you keep an always on guard attitude, you can more or less gauge what the market will do, specially in FX with how the retail masses and brokers trying to scam them deform the charts.
mehdii_sourav
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No I didn't try the 8h timeframe.
But thanks for those information. I appreciate.
And I will check fximperija, as I love pattern. :)