xabcd patterns - understanding fibo time element

March 14th, 2019, 09:20 PM

Hello,

I've been investigating periods of perceived "choppy" market-behavior to try and get better at identifying trading opportunites in them. Right now choppy markets seem frantic and my hope is that by studying these conditions, I will be able to see the market "slow down" a bit for me, so I can see through the chop!

I noticed this "choppy" moment coincided with a widening of range, and seemed to fit this "xabcd" pattern, but I don't really understand the fibonacci time element. I tried to research this, but a lot of sites give vague descriptions as if they don't seem to really understand it either.

So would this be considered a true "xabcd" pattern and why/why-not? How does the fibonacci-time element fit/not-fit?

Here are fibonacci retracements involved:
100% : 2826.50 YH
76.4% : 2817.50
61.8% : 2812.00
50.0% : 2807.50
38.2% : 2802.75
23.6% : 2797.25
0% : 2788.25 YL

And the midpoint is in Pink.

(this is from just after the opening bell first-rate opening range chop-action in this morning's /ES market! 1-min. ticks are used.

Regards,
snax

September 18th, 2020, 11:36 PM

snax

Hello,
How does the fibonacci-time element fit/not-fit?

I understand this is an old post but you do seem pretty active here so I wanted to ask how using the time element in patterns was going for you?

September 19th, 2020, 01:38 PM

weitseng45

I understand this is an old post but you do seem pretty active here so I wanted to ask how using the time element in patterns was going for you?

Hey there! Its interesting, I never really did much with xabcd patterns beyond some basic research into what they were, and I don't think about time-elements as defined here. I simply try to follow what the market is doing through the price-action.

Also of interest, since posting this I no longer think of that chart as "choppy" as I did when I posted it. and this was a 1min bar chart, haven't looked at the 1-minute timeframe probably since I posted this, wow!

On a 5min bar chart this probably trapped some bulls due to the fact that bar 1 would have been a strong opening bull trend bar and then bar 2 would have tested down and closed as a bear doji-bar which would have disappointed the early bulls who bought based on the first bar.

Sorry I don't have more to add about the time-element. I don't think its the direction my trading is going in, but that doesn't mean others can't find something useful from putting in the research.

Best of luck!

xabcd patterns - understanding fibo time element

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xabcd patterns - understanding fibo time element