CPP is is now fully automated and I'm still on the hunt for a robust and nuanced trading system that's engaging to trade and flexible to trade in all markets.
Feel free to google Fibonacci, as I'm not going to go in to detail about what it is and how it works.
Timeframes:
M15 for BIAS (optional)
M5 for ENTRY
Entry rules
//M5 Time Frame - Wait for a structure break, best identified as two low or highs being broken. Best results if BoS is after a significant run in price.
//After the break of structure and a nice run of price, wait for price to start retracing back to the break area.
//As price is making its retracement use the Fibonacci Retracement Tool to draw from the the the low/high where price reversed, to the low/high where price started its run before it broke structure. Only use the levels of .70 and .382 on the Fib Retracement Tool. (re-read this or look at screen print if you're confused)
//Entry after a retracement to the .70 level happens. Exit when price comes back to .382 level. When you enter and exit at these levels is completely discretionary as every traders risk apatite is different.
FAQs:
not recommended to trade on Fridays
not recommended to trade after 10:30
You can trade on any pair
You might find yourself extending the range of your FIB while you wait for proper retracement to .70
Risk < Reward
Feel free to google Fibonacci, as I'm not going to go in to detail about what it is and how it works.
Timeframes:
M15 for BIAS (optional)
M5 for ENTRY
Entry rules
//M5 Time Frame - Wait for a structure break, best identified as two low or highs being broken. Best results if BoS is after a significant run in price.
//After the break of structure and a nice run of price, wait for price to start retracing back to the break area.
//As price is making its retracement use the Fibonacci Retracement Tool to draw from the the the low/high where price reversed, to the low/high where price started its run before it broke structure. Only use the levels of .70 and .382 on the Fib Retracement Tool. (re-read this or look at screen print if you're confused)
//Entry after a retracement to the .70 level happens. Exit when price comes back to .382 level. When you enter and exit at these levels is completely discretionary as every traders risk apatite is different.
FAQs:
not recommended to trade on Fridays
not recommended to trade after 10:30
You can trade on any pair
You might find yourself extending the range of your FIB while you wait for proper retracement to .70
Risk < Reward
Attached Image(s) (click to enlarge)
Can't go broke making profit
