Fib time zone 10EMA

Thought i would post this idea.

I had a search on forum and cant see it anywhere else.

I have only just looked at this in the past 24hrs and im tired so thought id share it for anybody to muck about with and share some ideas as im done for now.

It is not back tested or anything yet so feel free to rip it apart and rebuild it if you like.

Let me know if its no good etc etc.

Or HD you are trading god.

Comments very welcome, tests even more.

Thanks.

Idea:

For buying.
Step 1: find new low and higher low.
Step 2: apply Fibonacci time zone. 0 at lowest low, 1 at higher low.
Step 3: draw trend line precisely on the 2 lows and no where else regardless if a wick has pierced the trend line. If it is not lower it does not apply.
Step 4: confirm price has closed above trend line and above 10 EMA at time zone 2 on the Fibonacci time zone. If yes then go to step 5.
Step 5: absolute confirmation. Apply RSI 14. If rsi is high at time zone 2 on Fibonacci time zone then the trade set up is complete.
Step 6: measure distance from price at time zone 1 to time zone 2 and divide it by two. example 26 pips equals 13 pips.
Step 7: RR is 1/1 and i thought id apply stops.
Apply TP at 13 pips above price at timezone 2 and place stop 13 pips below time zone 2.


Same for selling. Obviously high then lower high followed by close below 10EMA and trend line and rsi in affect.

Ive included some images of bad set ups.

These were from 1 minute TF.


Hope you all play around with it and get back to me with some ideas and results.

Thanks

HD

First 7 images are trade set up. The remaining are examples.

Interesting ! It seems good for scalping and whatever Timeframe. It needs to be tested for more emprovments.

Interesting ! It seems good for scalping and whatever Timeframe. It needs to be tested for more emprovments.