discussion in our Daily Setups discussion thread on the ABCD patterns -> Interactive Trading Setups Disscussion
ohhhhh i really hope i didn't modify anything. i downloaded the indicator 4 days ago so i think i have the last one (v6-7-13).
for me this graph is an enigma. Am I the only one to see an abcd pattern on aud h4 with C above A ???
The fibo tool tells me 1.054 (1.00) so maybe the korharmonicx takes all retracements till 1.00 ?
I was trying abcd patterns, but it didn't work. Not sure if i did anything wrong. Does it matter which time frame to use? I trade on H1
works the same on any timeframe.
I've some questions about the AB=CD pattern.
If we considere for example the perfect AB=CD pattern, C will retrace to 0.618% of AB, giving us a PRZ defined by AB=CD and D = 161.8% of BC.
Do we enter a trade as soon of both levels are crossed?
Are there some tips to predict some extension of the CD leg?
What is the profit target? Often 38.2% of A to D is too close to the entry?
Anybody interested to define a trading plan? For example, we could set the first profit target to 38.2% or 61.8% of A to D and define a stoploss to have a 2:1 risk/reward ratio.
Then there would be different strategies when we reach the first profit target:
1) Close all the lots winning 2 times the risk of the trade
2) Close one half of the trade and wait for the second part to go 2 times further. If the second target is reached, we will have a 3:1 risk/reward ratio; if not we close the trade with a 1:1 risk/reward ratio.
3) When the first profit target is reached, we don't close any part of the trade, but we set the stoploss to breakeven and we target point A for example. If the trade is successful it can give us a 4:1 risk/reward or much more.
With a 4:1 risk/reward ratio, we need to have only 2 winning trades in 10 trades to break even.
Any ideas are welcome
Are there some tips to predict some extension of the CD leg?"
my exprience tells me to at least combine it with:
- multi-timeframe geometry
- Supply Demand
- stay with consistent approach (the same rules/steps all the time)
Fairly New to ABCD Trading but loving my results so Fair here is a useful free indicator I use ABCD Retracement Metatrader (MT4/MT5) Indicator. I just trade with support and resistance levels as opposed to Fib levels, I know thats not a purist but it seems to work for me. 2014-05-03_1149 - njodogg's library
Have somebody tried ABCD patterns on Tickmill EUR/USD pair? Spreads is only 0.2 pip, what frequency of trades you would advice me to carry on with?