Quick thread on:
- Fibonacci Tool setup
Courtesy of some things that I learnt from old school ICT vids a couple years ago
This is from Module 1, Price Action Principles, link in the last tweet
As always, hope it helps you 🤝
- Fibonacci Tool setup
Courtesy of some things that I learnt from old school ICT vids a couple years ago
This is from Module 1, Price Action Principles, link in the last tweet
As always, hope it helps you 🤝
Fibonacci Tool
Here we'll run through how to completely set up your Fibonacci setup (fibs as they're called)
You'll see how these can become really effective
Here we'll run through how to completely set up your Fibonacci setup (fibs as they're called)
You'll see how these can become really effective
Fibs Set Up
You need to open @tradingview, follow the prompts in the image below, open up the 3rd item on the left hand side of the menu, and then select "Fib Retracement"
Open up the settings of the tool and copy the setting in image 2
You need to open @tradingview, follow the prompts in the image below, open up the 3rd item on the left hand side of the menu, and then select "Fib Retracement"
Open up the settings of the tool and copy the setting in image 2
Entry Fib Background
ICT calls the level on the fibs the OTE (Optimal Trade Entry) fib.
We've got a series of multi coloured levels for you for ease of viewing here, both bullish & bearish
These are all critical for this thread
- 1
- 0.618
- 0.27
0
0.28
0.618
0.702
0.786
1
ICT calls the level on the fibs the OTE (Optimal Trade Entry) fib.
We've got a series of multi coloured levels for you for ease of viewing here, both bullish & bearish
These are all critical for this thread
- 1
- 0.618
- 0.27
0
0.28
0.618
0.702
0.786
1
The Anchor Levels
These levels are extremely critical as they anchor your fibs to the market structure that you're targeting for a pullback for entry.
Take note on the description in the image
These levels are extremely critical as they anchor your fibs to the market structure that you're targeting for a pullback for entry.
Take note on the description in the image
Here's an example of the Anchor Levels in action
You're using them to anchor your fib tool on recent swing high or swing low structure to take advantage of the retracement for an entry
The red circles indicate the areas to place your anchor fibs
You're using them to anchor your fib tool on recent swing high or swing low structure to take advantage of the retracement for an entry
The red circles indicate the areas to place your anchor fibs
Example Two of the Anchor Fibs
In this example, we've got a bearish set up, because it would do your head in if I didn't share this version with you!
I believe in being thorough, so hope you can appreciate this
In this example, we've got a bearish set up, because it would do your head in if I didn't share this version with you!
I believe in being thorough, so hope you can appreciate this
The Entry Levels
This is the area on your fib tool that you're looking for in order to actually enter a trade on.
When you think about it, you're basically looking for price to retrace to between 61.8% to 78.6% from a move before you enter a trade
This is the area on your fib tool that you're looking for in order to actually enter a trade on.
When you think about it, you're basically looking for price to retrace to between 61.8% to 78.6% from a move before you enter a trade
Bullish Entry Fib Example
Using the orange circle, this is where we're looking for an entry after we've established our anchor levels
ICT loves the 0.702 level, I prefer the 0.72 level, but there's not much difference to be fair
Using the orange circle, this is where we're looking for an entry after we've established our anchor levels
ICT loves the 0.702 level, I prefer the 0.72 level, but there's not much difference to be fair
Entry Fibs Bearish Set up
On the inverse side of things, here's the bearish set up, again because I prefer to share the most consistent approach with you guys
On the inverse side of things, here's the bearish set up, again because I prefer to share the most consistent approach with you guys
Take Profit Target Levels
- 0.28 level - the inverse of the 0.618 in an opposing move
- 0 Level - this is the high or low that you're trying to beat
- -0.27 - the same ratio as 0 to 0.28
-0.618, same ratio as 0.618
- 1 This is what is defined as a measured, full 100% move
- 0.28 level - the inverse of the 0.618 in an opposing move
- 0 Level - this is the high or low that you're trying to beat
- -0.27 - the same ratio as 0 to 0.28
-0.618, same ratio as 0.618
- 1 This is what is defined as a measured, full 100% move
Target fibs, bullish example
Note that although you can certainly aim for the stars, you might not always make it in terms of a full profit take.
Best to manage your position, but we'll cover this in another thread shortly
Note that although you can certainly aim for the stars, you might not always make it in terms of a full profit take.
Best to manage your position, but we'll cover this in another thread shortly
Bearish example of the target fibs
The reason that I've shown you the extent of the fibs without price engaging with the levels is due to the fact that things just don't always work out in trading.
You've got to be super vigilant in covering your arse to keep your capital.
The reason that I've shown you the extent of the fibs without price engaging with the levels is due to the fact that things just don't always work out in trading.
You've got to be super vigilant in covering your arse to keep your capital.
One last one is the counter trend fibs
You should be aware that if you're expecting a bearish move and someone is expecting a bullish move, and you're both using fibs, there's a certain level that becomes trouble for you both.
This is the 0.28 and 0.618 opposing levels
You should be aware that if you're expecting a bearish move and someone is expecting a bullish move, and you're both using fibs, there's a certain level that becomes trouble for you both.
This is the 0.28 and 0.618 opposing levels
Image 1 - trader trying to short
Image 2 - trader trying to long
Image 3 - interaction of opposing fib metrics which can absolutley fuck a beautiful trade
Just be aware of this when using a fib set up like this
Image 2 - trader trying to long
Image 3 - interaction of opposing fib metrics which can absolutley fuck a beautiful trade
Just be aware of this when using a fib set up like this
That's it for this one. We'll do a take profit thread next.
If you'd like to watch the full video and download the PDF that goes with this, go for it in the quoted tweet here.
It's all free
This is from Module 1, Price Action Principles
If you'd like to watch the full video and download the PDF that goes with this, go for it in the quoted tweet here.
It's all free
This is from Module 1, Price Action Principles
If you're still not sure, please feel free to join our socials below:
Cheers guys 🤝🍻
Telegram:
t.me
Discord:
discord.gg
Youtube (let's get to 10k subs!)
youtube.com
Cheers guys 🤝🍻
Telegram:
t.me
Discord:
discord.gg
Youtube (let's get to 10k subs!)
youtube.com
youtube.com/c/MindJacked
MindJacked
Check out all the free crypto trading content that Mindset BTC & Johnnie Jacks share as both themsel...
discord.gg/yFdcmbd8yt
Discord - A New Way to Chat with Friends & Communities
Discord is the easiest way to communicate over voice, video, and text. Chat, hang out, and stay clos...
t.me/Mindset_BTC
MindJacked
Free Educational Trading Content from Mindset & Johnnie Jacks Discord - discord.gg/yFdcmbd8yt Youtub...
Loading suggestions...