IB/OB system

Okay guys… for all who have wasted their money on this James clown… i will explain this system super fast.

[B]This system is only profitable in a trending market!!![/B] Or else it will build an IB/OB on a fib and then go in your direction, only to come back to stop you out.

There are 2 things I do…

  1. I use EST time and draw FIBS from yesterdays Low to High or vice versa. wait for price to retrace to one of the fibs. I only enter on an IB/OB if the stochs are crossing back from oversold/overbought territory.

  2. After a nice up or down move I will set a new fib in a different color from TODAY’s high to low or vice versa and wait for it to retrace to one of the fibs. I only enter on an IB/OB if the stochs are crossing back from oversold/overbought territory.

[B]Well that’s my strategy for a trending market.[/B] Also, I do not believe that this really works on all pairs (like james claimed)

I dont trade this strategy right now but anyway i found 2 examples on U/J from today and 2 days ago

If you trade this strategy in a trending market then expect the following scenario…

Consolidation or Retrace - Move to yesterday’s high/low - Retrace or new today’s High/low - Retrace - Move to last today’s High/Low - consolidation - etc…

So what I do is:

  1. draw “yesterdays fibs”, wait for retrace, enter, exit on yesterdays high or low then proceed to step 2

if it doesn’t retrace and makes a move then no trade and I will proceed to step 2.

  1. draw “todays fibs”
  • if price retraces then look for an entry setup.

  • if price makes a new high/low then re-adjust fibs until price retraces, wait for an entry setup.

TP for number 2 is 00, 50 or TL - whatever comes first after today’s high/low.

Also dont be a greedy idiot… get out 5-10 pips before it actually hits those levels.

[I]
If you are trading in a very strong trending market then forget about the IB/OB… just enter on a close of a fib. [/I]