Drawing ABCD pattern with retracements
Markets Forex

0 Like 0 Dislike 3 Replies
2 years ago

Hi guys,

I'm new to the MT4 platform and have been trying to draw the basic ABCD pattern with Fibonaccis but when it comes to using the extension tool I'm getting a bit confused. I've been trying to draw the extension for the two points on BC but with the Fib extension tool it seems you can only draw three point lines. 

How would I draw a straight line extension with on two points if this is the case?

Any help is appreciated, I can upload screen shots if necessary!

Thanks


Posted 2 years ago 0 Likes   0 Dislikes

Sorry for the delay getting back guys, I didn't see the replies to the thread. I didn't think the course explained the Fibs very well so explored them a bit more (as they recommend Fibs as a counter retail strategy) and got caught up in a whole load of chart patterns. I think I've got the hang of them now though.

thanks for your input



Posted 2 years ago 0 Likes   0 Dislikes

I haven't heard of the ABCD pattern ? What would it be used for specifically @Tumeke?



Posted 2 years ago 0 Likes   0 Dislikes

Hi @Tumeke , 

the AB=CD pattern isn't something that is covered in the foundation or the Advanced. I think that there must be a reason for it... I would focus on getting the basics first. If you do want to focus on the Fibonacci's i suggest first getting the hang of the basic retracement pattern and then moving onto the Fib fan. This alone should allow you to make monetary progress.

Happy Trading!