The Motherfibber
This system is only for use with Eur/Usd.
1) Using a 4 hour chart, find a recent move that exceeds 81 pips.
2) Move down to a 30 minute chart, and draw a standard fibonacci retracement from high to low on a downmove or from low to high on a upmovement.
3) Place a pending buystop/sellstop order 2 pips above/below the extreme of the 30 min. bar that ended the upmove or downmove.
4) Set take profit for 10-15 pips or at the 38.2 Fibo level, whichever is smaller
5) Set stop loss 10-15 pips above/below the trend extreme of the 30 min bar. Acceptable stop loss is 30 pips or less.
6) If price exceeds the trend extreme bar before triggering your pending order, you must cancel your pending order and wait to start all over again.
7) If price triggers your order, and then goes against you past the trend extreme, but doesn't hit your SL, move your TP to +1 pips or breakeven.
8) Rinse and Repeat
Although the risk to reward ratio is usually around 2:1, the winrate is usually >90%.
Risk no more than 0.5 to 1% on each trade (I personally risk 5%, but do as I say, not as I do.)
Start on demo first before a live account (does anybody really do this?)
I use this website to calculate my lot size:
http://www.earnforex.com/position-size-calculator
Pros of the Motherfibber system:
-high percentage winrate
-simple and easy
-trades can be spotted and traded usually 0-3 times per day
-no indicators
-only two charts H4, M30
Cons of the Motherfibber system:
-poor risk to reward ratio (overcome by the high winrate percentage)
-no indicators (your friends may make fun of you)
-you will have to pay taxes this year on FX when you finally turn a profit.
I consider the Motherfibber system to be a scalping type of system. If there is interest and the constructive postings and ideas clearly outweigh the destructive negative posts, then I will give my long term investing strategy called “COT sucker”.
Below you will find 2 examples, one for a buy, one for a sell....
This system is only for use with Eur/Usd.
1) Using a 4 hour chart, find a recent move that exceeds 81 pips.
2) Move down to a 30 minute chart, and draw a standard fibonacci retracement from high to low on a downmove or from low to high on a upmovement.
3) Place a pending buystop/sellstop order 2 pips above/below the extreme of the 30 min. bar that ended the upmove or downmove.
4) Set take profit for 10-15 pips or at the 38.2 Fibo level, whichever is smaller
5) Set stop loss 10-15 pips above/below the trend extreme of the 30 min bar. Acceptable stop loss is 30 pips or less.
6) If price exceeds the trend extreme bar before triggering your pending order, you must cancel your pending order and wait to start all over again.
7) If price triggers your order, and then goes against you past the trend extreme, but doesn't hit your SL, move your TP to +1 pips or breakeven.
8) Rinse and Repeat
Although the risk to reward ratio is usually around 2:1, the winrate is usually >90%.
Risk no more than 0.5 to 1% on each trade (I personally risk 5%, but do as I say, not as I do.)
Start on demo first before a live account (does anybody really do this?)
I use this website to calculate my lot size:
http://www.earnforex.com/position-size-calculator
Pros of the Motherfibber system:
-high percentage winrate
-simple and easy
-trades can be spotted and traded usually 0-3 times per day
-no indicators
-only two charts H4, M30
Cons of the Motherfibber system:
-poor risk to reward ratio (overcome by the high winrate percentage)
-no indicators (your friends may make fun of you)
-you will have to pay taxes this year on FX when you finally turn a profit.
I consider the Motherfibber system to be a scalping type of system. If there is interest and the constructive postings and ideas clearly outweigh the destructive negative posts, then I will give my long term investing strategy called “COT sucker”.
Below you will find 2 examples, one for a buy, one for a sell....
