Gap Pivot with Macfibo-esque TP-ing Mechanism #2
A. Valid signal occured, Entry and TP at minimum 161.8
B. Price reversed at hit 61.8 stoploss
However, price managed to made another wave and break the box and a signal occured… RE-DRAW the Fibonacci (Macfibo style).
A. Valid signal occured, Entry and TP at minimum 161.8
B. Price hit 161.8
Just to clarify, holding the trade to US-close session is still a good technique for entry and exit. Most of my post in the future for now, will be based on that.
[B]Once suggested TP-ing mechanism and StopLoss[/B] :
Entry (normal as per written in guide)
Draw the fibonacci
StopLoss at 50.0 or 61.8 (if it confluences with significant levels, all the better)
TP set at 200.0 or 261.8 BUT exit when US-Close if price unable to hit those targets **(though statistically it is below 50% that price hits those levels… hmm)
[B]Once suggested TP-ing mechanism and StopLoss :[/B]
Entry (normal as per written in guide)
Draw the fibonacci
[B]No StopLoss![/B]
TP set at 127.2 BUT… set position size as if it is TP at 200.0 (claim that price hits 127.2 more than 78% of the time)
Hi Sufian,
You have shown a few valid entries above. However, would you look at where current price is in comparison to the weekly pivot point (shown in the 4 hour chart) and/or weekly support/resistance levels before entering? Thank you.
I understand you pick a point from where the candle closes above/below the US box. But where do you draw the fibonacci to? The high/low of the previous day or most recent wave? Will that be on the 1hour or 15min chart?
Disregard any SR except daily pivot for now
Previous day’s high or low. 15 min chart for earlier entry. I will include the details in the next edition for the guide.
Hi Sufian,
I was only able to download the pdf file only. The link to speedy says internal error from my side.please assist. Thanks
Alternatively you can download the attachment. Just unzip it and install it accordingly.
It contains all the ex files and tpl file.
GapPivot.zip (51.4 KB)
Sorry for the inconvenience. Happy testing…
Download all the required indicator and template here (check attachment)
http://forums.babypips.com/free-forex-trading-systems/69023-gap-pivot-system-6.html#post660158
Thank alot Sufian. I have downloaded and installed the files. However i do not know what am doing wrongly because the Sessions.ex is not coming out like yours. Check how mine appears
what might be the problem?
oh dear… i might zipped the wrong template. Give me a sec to rectify it. Very sorry
Try this one instead. Please report back if it is OKay or NOt. thanks :15:
Gap-Pivotv1.0.zip (46.8 KB)
Hi Sufiansaid
Could you take a look at the image below, it seems the boxes are being drawn on during the Australian/Asian timezone, not the US-only. Any ideas?
it happens to all previous days as well? i never have the problem though? Perhaps you could try refresh your chart or restart your platform or switch back to different timeframe etc etc.
What pair is that exactly?
Hi there, yes it seems to be happening on all TFs with all pairs, check out GOLD, picture taken at 08:53 GMT this morning (13/10/14). I am in the UK.
That is so weird. Give me some time to identify the problem. Have you tried on different broker though?