Complex trading system #12 (Fibonacci + trend line confluence)
Submitted by User on November 4, 2009 - 10:32.
Hello,
My name is Raja.
Here is a low risk high reward strategy.
It works best on 4H and Daily chart for all currency pairs.
Buy or sell at the confluence of trend line support/resistance and 61.8% or 78.6% fib retracement of the latest swing.
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How do you draw a trendline, is there an automatic trend line draw indi that you can post here. Thanks
could you post more pictures of setups?
i think this is one of the best system i have been using for sometime now and it works like wildfire.The results are out of this world.
Thanks raja for sharing
Hi Rajan and Eden ,
Fibonacci + Trendline Confluence strategy, if used in the direction of the Daily chart trend will result in atleast seven winning trades out of ten.
Enjoy
Raja
Hi. Is also important to have into consideration the market flow in order to go short or long.
Edna
Hey Raja,
Thanks for sharing this idea.
@Edward: Would you be able to have more techniques with fibonacci. Ive seen people trading it and im wow-ed by their statements. This method from Raja is very cool.
Cheers
Rajan
Thank you, Raja.
I'd like to add a screenshot, plus to comment that such confluence trading is also good with Fibs retracement at 50%.
A line graph instead of a commongly used chart graph might be a better choice for spotting important highs and lows to connect trend lines as well as fibs.
The green box on the screenshot highlights the area of a trend line + Fibonacci retracement confluence - a potential setup for opening a Long position.
Regards,
Edward
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