Disliked{quote} It is the 8/8 Murrey Math Line - you could have picked any of the Murrey lines shown on the chart and entered a 122 pip phase on the Abonacci template. Lot of MM indicators for MT4 will draw the lines for you.Ignored
I've thrown the MM lines on GJ (a pair I love to trade) using 625 size and it looks like the levels stick really well and the Abonacci create nice phases to trade in.
You could run rules like the following.
For longs if price comes from 76.4% crosses 0% and break the 23.6% then target 76.4%. Set SL at either 10 pips below 0% (aggresive) or 76.4% (conservative) of lower phase. You could move to BE (or close 1/3) at 50% level, Move SL to 38.2% when price arrives at 61.8% (or close another 1/3).
Ubender - how about I set up a thread to explore this with you and anyone else interested?