Simple zigzag Expert Advisor - need help 7 replies
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ZigZag Indicator and Fibonacci Question! 9 replies
Disliked{quote} Adapting the OP's original rules as much as possible, I attempted to run a TDS tick data backtest to gauge if this is worth pursuing. TP & SL were missing from his original rules, so I made my own assumptions. Assumptions made: EURUSD, H1, Jan 2015 - Jan 2020 Default ZZ settings, buy / sell on HHHL / LLLH No other indicators Fib retracement level: 78.2% Fixed TP / SL: Within Fib levels {image}Ignored
Disliked{quote} The past few days of researching Fibonacci retracements has led me to conclude that in its simplest form, there are 2 ways I could trade this (let's not get into advanced Harmonic patterns. That's a discussion for another day). Option 1, when coupled with the right convergence of indicators can be a high-probability set up. With the OP's original rules, in order to avoid all the noise, I have concluded that the D1 time frame works best to filter out the tiny, distracting day to day movements. It also allows me to not have to worry about...Ignored
Disliked{quote} Something that I can't wrap my head around is the seemingly magical use of Fibonacci numbers that is really just a self-fulfilling prophecy. In the most practical sense, the effectiveness appears to mirror any other support / resistance mechanic. What if bounced off the pivot point, or R1, or S1, instead of following the typical "golden ratios"? I can't seem to find evidence that Fibs as a standalone tool would be sufficient. Maybe coupled with other indicators, this could be a good way to trade swings?Ignored
Disliked{quote} it looks you are out of the author rules? nice trading. so you do not draw fibo from h to LL?Ignored