My Trading Strategy 1- Fibo Confluence

Yes. Patience is the key.

To repeat, for this strategy we set pending order at the confluence point:

1) FiboR 58% overlap/confluence Support Resistance(SR), or

2) FiboR 58% cross/confluence Trend Line (TL), or

3) FiboR 58% confluence with SR and TL

If price just miss the pending order, and the price is between FiboR 50% & 61.8%,

we can consider using instant order or 'stop' order to enter trade instead.
How?

See Post #13

Everyone is welcome to post your chart. Thanks.

Advice for your trading account:

- Don't use different strategies that contradict each other.

- Stick to the pairs you familiar & already shown result.

- Don't jump around from strategy to strategy.

Can you proceed to the other strategies you have?

Thanks,
Harry

If this thread is active with many traders posting their charts & reviews using this strategy,
or using this strategy with some modifications, then i will share my others strategies.

I think its more meaningful this way..

Buy limit order at 58% level correct?


activemax

Hi activemax, the fiboR drawn is correct.

But I can't see any strong Support(SR) line or Trend Line(TL).

This strategy need to draw SR or TL, or both SR and TL.

Then FiboR confluence with 1 or 2 of them.

See price bounce after Fibo Confluence.

Chart.

Chart.

Just did some backtest for S1.

If using Risk Reward, or Sl to Tp ratio 1:2 this strategy can be very quite profitable.

Will start some live testing using ratio 1:2 next week.

Although the setup was correct, sometimes trade failed.
Buy 1548 but price fall hit stop loss.

Learn to take big profit, accept small loses.

Continue doing the correct things.

Overcome mental barrier.

Inner Peace

Focus on the chart. See clearly.

Everything already factored in.

No need worry much about external 'cause'.

**Anyone interested to learn my Trading Strategy 2 (S2)
- Breakout Pattern (Sculping)

can 'Private Message' me.

Do u have any statement based on this S1? How many orders did you opened? How many is the loss/gained orders?

I thought this one is confidential

nice and simple strategy

*Edited: 31/3/2013
Note: I no longer use pending limit order for fibo & all type of 'level' entry(s), now normally i use my custom made EA
for that purpose.