Set and Forget: Fibo Pending Order System
Hello everyone.
My first thread here.
This is more of an exploratory thread to see if anyone else is using such a system and a way to share experiences.
First of all, these are not my primary training methods. I'm more of a BBMA trader, but I do like the appeal of setting up pending orders and taking profits frequently.
Here are some Fibonacci methods I've been experimenting with and I hope we can develop them.
Disclaimer: I did not come up with these Fibonacci settings. The first one I got from some old website I can't even find.
Another one from this thread https://www.forexfactory.com/showthr...=528703&page=3
Update October 10th - I personally only trade the 5am - 8am GMT box now. Use method A Fibonacci settings.
Asian Breakout – Method A
This took advantage of a breakout of Asia's high-low range.
On the last candle before London trading, the Fibonacci index fell from the high to the low during the Asian session.
Set pending.
0 - low volatility
0.382 - BUY SL
0.618 - Sell Stop
1 - Swing High
-0.1 - Safe to sell
1.1 - Safe Buying
1.3 - BUY TP1
-0.3 SELL TP1
1.618 - Buy TP2
-0.618-SELL TP2
2.2 BUY TP3
-1.2 - SELL TP3
Update to Method A - When using Method A, you will see a red box in some of my photos. This is the range from 5am to 8am GMT. If the Asian session looks like a big lie and the target is too far or the stop loss is too big, then I can use the red box with a smaller stop loss to get a more achievable target.
-------------------------------------------------------------------------------
Break Out - Available in London and New York (Method B)
Again, all credit goes to Phantom in this thread: https://www.forexfactory.com/showthr...=528703&page=3
With this method, we draw Fibonacci during the Asian session and then if the last candle in Asia is bullish, we place the session opening line at the top of the bullish candle. The opposite of bearish.
Please see pictures.
Here are the details from the original thread. Thank you very much Phantom5000 for sharing.
https://www.forexfactory.com/showthr...=528703&page=3
My first thread here.
This is more of an exploratory thread to see if anyone else is using such a system and a way to share experiences.
First of all, these are not my primary training methods. I'm more of a BBMA trader, but I do like the appeal of setting up pending orders and taking profits frequently.
Here are some Fibonacci methods I've been experimenting with and I hope we can develop them.
Disclaimer: I did not come up with these Fibonacci settings. The first one I got from some old website I can't even find.
Another one from this thread https://www.forexfactory.com/showthr...=528703&page=3
Update October 10th - I personally only trade the 5am - 8am GMT box now. Use method A Fibonacci settings.
Asian Breakout – Method A
This took advantage of a breakout of Asia's high-low range.
On the last candle before London trading, the Fibonacci index fell from the high to the low during the Asian session.
Set pending.
0 - low volatility
0.382 - BUY SL
0.618 - Sell Stop
1 - Swing High
-0.1 - Safe to sell
1.1 - Safe Buying
1.3 - BUY TP1
-0.3 SELL TP1
1.618 - Buy TP2
-0.618-SELL TP2
2.2 BUY TP3
-1.2 - SELL TP3
Update to Method A - When using Method A, you will see a red box in some of my photos. This is the range from 5am to 8am GMT. If the Asian session looks like a big lie and the target is too far or the stop loss is too big, then I can use the red box with a smaller stop loss to get a more achievable target.
-------------------------------------------------------------------------------
Break Out - Available in London and New York (Method B)
Again, all credit goes to Phantom in this thread: https://www.forexfactory.com/showthr...=528703&page=3
With this method, we draw Fibonacci during the Asian session and then if the last candle in Asia is bullish, we place the session opening line at the top of the bullish candle. The opposite of bearish.
Please see pictures.
Here are the details from the original thread. Thank you very much Phantom5000 for sharing.
https://www.forexfactory.com/showthr...=528703&page=3
step:
*Decide which session you want to use:
(Australia, Europe, London, New York, Central New York or Tokyo)
(I recommend New York and London sessions for best results)
*Draw any FIBO on the chart.
*Open FIBO properties and change parameters by applying yesterday's high/low for the session you choose to use
*Place a 50% FIBO line on the upcoming opening trade
(Example: London opening time 2:00AM CST / 10:00am My Broker MT4)
*Place X2 buying lots and X2 selling lots
*Use Fibonacci templates and set pending orders for Stop Loss, Stop Loss and Take Profit
*FIBO template:
Depends on how you draw FIBO
100.0TP#2
76.4TP#1
61.8 Buy Stop
55.9 Sell Stop
50.0 Meeting starts
44.1 Buy Stop
38.2 Sell Stop
23.6TP#1
0.0TP#2
----------------------------------
0.0TP#2
23.6TP#1
38.2 Buy Stop
44.1 Sell Stop
50.0 Meeting starts
55.9 BUY STOPLOSS
61.8 Sell Stop
76.4TP#1
100.0TP#2
*Sit back and watch target #1 hit
*Close first batch
* Set up a second batch to break even in case goal #2 is not met
*It's that simple. Have fun making so many points you will need a wheelbarrow
Carry them. :-)
NOTE: You can see how my system is doing by checking the same method as the previous days.
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