EMA Fibonacci Level Trading Strategy | Forex Factory

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Attachments: EMA Fibonacci Level Trading Strategy
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EMA Fibonacci Level Trading Strategy

  • #1
  • First Post: Edited 10:50am Mar 23, 2013 10:20am | Edited 10:50am
Indicators:

EMA(20) - Go to Properties then add 382, -382 and 618, -618 value to 'Level' tab,
RSI(10) &
Stchastic(10,3,3)

Trade Opening Rules:

Open a long/short from begaining of next candle when price closed above/below or bounce back from EMA(20) & RSI(10) crossed 50 line & Stoch crossing 20/40/60/80 level from oversold/overbought zone. Only open trade when market moving for up/down trend, ignore the sideway trend. It may work well in M5, M15 & H1 Period.

Set TP & SL:

Hold positions & take profit when price atleast touch to EMA(20) 382 Fibo Level or set TP to 618 Fibo Level above/below from entry candle for more profit and set SL 5-10 Pips above/below from EMA(20) as a standard or based on 1:2 RR ratio set SL to 382 Fibo Level above/below from entry candle who fixed TP at 618 Fibo Level.

For more clear view check chart below, cause chart can explain better than explanation.

Attached Image (click to enlarge)
Click to Enlarge Name: Example of My Trading Strategy.jpg Size: 293 KB
  • #2
  • Edited 12:31pm Mar 23, 2013 12:11pm | Edited 12:31pm
Most RSI Stch systems weaknesses are by the time all the lines are in "proper" position over 70% move is done.You are left with the crumbs.There is no such thing as oversold,overbought.This is prime reason why most new traders lose money.Price can stay "oversold" longer then your account can handle...
In trading, you have to be defensive and aggressive at the same time
  • #3
  • Mar 23, 2013 1:55pm Mar 23, 2013 1:55pm
Template please upload. What is this buy sell indicator?
Quoting MIH Bobby
Indicators:

EMA(20) - Go to Properties then add 382, -382 and 618, -618 value to 'Level' tab,
RSI(10) &
Stchastic(10,3,3)

Trade Opening Rules:

[font=Trebuchet MS][size=3]Open a long/short from begaining of next candle when price closed above/below or bounce back from EMA(20) & RSI(10) crossed 50 line & Stoch crossing 20/40/60/80 level...
  • #4
  • Mar 23, 2013 2:32pm Mar 23, 2013 2:32pm
Quoting Davit
....There is no such thing as oversold,overbought.This is prime reason why most new traders lose money.Price can stay "oversold" longer then your account can handle...
Very true. I learned it the hard way.

This system is similar to Vegas H1.
福 子 Victor V
  • #5
  • Mar 23, 2013 3:04pm Mar 23, 2013 3:04pm
Your using fib for pivots ?
  • #6
  • Mar 24, 2013 1:10am Mar 24, 2013 1:10am
Thank you so much! Fib-EMA looks so cool. I'll try it next week and see how does it work.
  • #7
  • Mar 24, 2013 8:45am Mar 24, 2013 8:45am
It is good idea to adding Fibonacci levels in moving average indicator. Your system is based on classic trading system, combining MA, RSI and Stoch. Can you share about your trading results ?

------

renko trading system
  • #8
  • Mar 24, 2013 1:01pm Mar 24, 2013 1:01pm
You should think about adding pivots.

for entry and exit. and a larger MA
  • #9
  • Mar 24, 2013 1:38pm Mar 24, 2013 1:38pm
Instead of looking for OB/OS indications in the rsi and stoch...look for Divergence or Confluence instead...
The chart sample shows clear RSI divergence in your post...
  • #10
  • Mar 24, 2013 4:43pm Mar 24, 2013 4:43pm
Hi Bobby , thanks for interesting system . In your attached chart post #1 appears a EMA 10 : what is its significance?
  • #11
  • Mar 25, 2013 7:26am Mar 25, 2013 7:26am
Dear MIH Bobby, it is possible to load your template?
  • #12
  • Apr 1, 2013 10:14pm Apr 1, 2013 10:14pm
hi pips! any update here? where are the indicators and template bobby?
botsog
  • #13
  • Nov 3, 2014 1:14pm Nov 3, 2014 1:14pm
Quoting MIH Bobby
Indicators: EMA(20) - Go to Properties then add 382, -382 and 618, -618 value to 'Level' tab, RSI(10) & Stchastic(10,3,3) Trade Opening Rules: Open a long/short from begaining of next candle when price closed above/below or bounce back from EMA(20) & RSI(10) crossed 50 line & Stoch crossing 20/40/60/80 level from oversold/overbought zone. Only open trade when market moving for up/down trend, ignore the sideway trend. It may work well in M5, M15 & H1 Period. Set TP & SL: Hold positions & take profit when price atleast touch to EMA(20) 382 Fibo Level...
Thank you Bobby,

This is a fantastic idea...

Fibonacci MA's.

I will experiment with these and if continues to work for you then keep doing it. Forget what everyone else says!

It's time we stop entertaining ourselves and start realizing ourselves!
  • #14
  • Last Post: Mar 4, 2015 4:48pm Mar 4, 2015 4:48pm
Quoting Davit
Most RSI Stch systems weaknesses are by the time all the lines are in "proper" position over 70% move is done.You are left with the crumbs.There is no such thing as oversold,overbought.This is prime reason why most new traders lose money. Price can stay "oversold" longer than your account can handle...
Absolutely!

In fact, trying to time the market with "overbought" and "oversold" indicators is deadly on highly-trending markets like the Forex market.

On the other hand, these indicators usually work with mean-reverting markets like the equity indexes (S&P 500 for example) and stocks in general.
Each losing trade is an opportunity to learn
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