Socratesinc

Socratesinc

FIBS DON'T LIE. This trade occurred between 4-5 am so we would have missed it anyways. This is just for backtesting purposes. 40 pips is 40 pips, it was a very small move but gold blesses due to its volatility.

Socratesinc

I always start with the fact that fibs do not lie, I mean that with every ounce of faith I have. God created fibs not just for forex but for nature in general. Look up the Fibonacci sequence if you don't understand what Im talking about. What happens often is identifying which leg broke structure, where does the leg begin? My mistake here was I ran my fibs from...

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Plain and simple, FIBS do not lie, backtesting is key to becoming a great trader. The problem a lot of people have including myself is knowing which leg broke market structure or where does the leg begin at all? This is a easy seeable example of where the leg begins.

Socratesinc

Began the day on a quick GJ sell, got out at 10 pips. Saw this fib set up happening from my eye, which is what happens after so many times running your fibs. Market played with us for an hour and a half before heading in the expected direction, meaning whoever was most patient won this trade.

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Oct 20th, 2020, saw this set up around 11 am EST forming. Began the day in blue, was negative in a trade for a couple hours which caused my emotions to act erratically putting me in passive mode for the remainder of my day. I eventually ended up in blue on that trade but wanted to secure my profits for the day and no longer place any entries. This was a perfect...

Socratesinc

Ran our fibs from the zone on the 30 min time frame. Was able to get 3 entries in, held on patiently and was able to catch some great pips. Roughly caught 30 pips on each entry so 90 pips in total.

Socratesinc

Another example of EMA line crossing then a first bounce. Doesn't always happen but when it does, good possibility that your FIB entry will be spot on.

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Able to find this due to finding GJ's FIB set ups. GJ and GJ are practically twins on the charts.Next week will be interesting.

Socratesinc

Another example of how spot on the fib retracements are. From 7:45 am to now you could have caught 9 perfect entries on this pair, back to back to back.

Socratesinc

GU and GJ are twins, all next week I will be observing those 2 pairs along with gold and US30 like a hawk.

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Similar set up to GJ, they follow each other. Next week will be observing them like a hawk at the same time.

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Hours later we see a perfect entry for a buy on the 15 min time frame, only one entry at the 62% but she ran with no draw down which are the trades we want overall.

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15 min time frame shows us a perfect FIB short on Friday, Oct 16th @ around 8:00-8:30 am All 3 entires would have been hit and profitable.

Socratesinc

Saw another set up for this pair once again unfold. A little choppy, allow myself to go negative 37 pips overall before taking profit which is bad because at that point my emotions took over. But at the same I knew price was going to jump too test the 50 EMA and strength meter showed power in the dollar so I held my trade.

Socratesinc

Price retraced perfectly to the 62% and 70% level giving us 2 entries. Proceeded to use the 14 EMA as support to carry price up. Total pips gained on this trade: 46.4 pips

Socratesinc Updated 

I go in detail on the chart as to what I found. Closed after 4.2 pip gain, didn't like price action.

Socratesinc

4 hour shows a temporary bullish environment, 30 min and 1 hour shows the same. 15 min shows price retracing, in expect price to hit the 70%n perfectly due to the 29500 level and the 14 EMA from the past bouncing from that level.

Socratesinc

price broke to the down side. Set up my fibs, entered in at the 62% and 70% levels. Took profit on first entry at 10 pips, took profit on second trade at 8.4 pips. 14 EMA helped price flush down. Left a lot of money on the table but happy with the result.