Complex trading system #5 (Fibonacci trading)
Submitted by Edward Revy on June 30, 2007 - 13:27.
Traders were asking to post some strategies that will work on smaller time frames.
Here is one very nice trading system that can be worth your attention.
When a trader chooses to use small time frames (like 10 min, 15 min, 30 min even 1 hour) risks to be wrong are always higher than with larger time frames.
Therefore, it is very important to have a really good Forex trading system that can advise on entries with high chances to win and what's more important it should be able to tell exactly where to exit without need to constantly monitor the price.
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hello.can i add some other indicator for this strategy like stoch 8,3,3?
Definitely, you can.
It's a healthy choice to try out indicators that you like and which could help you make a better decision.
Regards,
Edward
there is a fibonacci indicator in meta trader 4 is this the best one, does it work or is there another download that is better, please let me know.
The original Fibonacci indicator in MT4 is the best one.
Unless you want fibonacci lines to be drawn constantly and automatically, then see the previous page with a solution for Fibonacci Retracements - FiboRetracement3.mq4.
Best regards,
Edward
Hi Edward. Do you have any other suggestions about this system on confirming an entry other than price close on other side of 5 SMA?
looks better
I've added, and now mostly use 70.7, 78.6, 127.0, and 141.0 percent retracements. Set these up and you'll see what I mean. The 78.6 is extremely useful when it comes to reversals.
can i use zigzag to fine my AB ?
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