@Amarsaleem, go back through the thead, it’s all been explained… All I’m doing is stretching the Fib-R forward and down. And ensure the Trend line remains the same just extended… So, simple.
I tested this strategy on the uptrend last week (See Chart). All trades are on a live account… check the previous posts and numbers?
Whenever I demonstrate a strategy, I supply complete records of charts, positions, lot sizes, dates, times and levels… Unlike most here who supply no information whatsoever…
When the trend changed, I just reversed the Fib-R… If you go back to my first post… I have laid out the whole strategy chart by chart…
I don’t use SL’s… I’ll hedge if it starts to look like going the other way…
Trend changes and we trade along with it… And since Australia is decreasing available leverages early in 2021, I thought I’d trial this strategy on a $3000 low leverage 1:20 live account, hence the small lot sizes…
I’m no longer trading this (back to Algorithmic, post US election) but it is definitely worth a look for the handful of those that are here to actually make some money. Should also trial pairs that have similar characteristics to the GBPUSD…
I think this question has been asked several times, and the answer may be clearly obvious, but are you simply taking trades off a trendline touch? If so, why use the fib and not a regular trendline? Seeing as your not taking fib levels into account.
Hi @Paulscaff1, I don’t normally use the Fib Indicator… The OP used it in his initial Chart… All I have done is displayed another way to trade @Amarsaleem original strategy… I only leave the Fib R. intact as it is surprising how often price is activated at the Fib Levels.
No one’s paying any attention to this thread… it is surprisingly accurate if you know what you are doing.