The MotherFibber | Forex indicator download - MT4/MT5 resources - MetaTrader 5 resources
mother of fiber
This system only works with EUR/USD.
1) Using the 4 hour chart, find the recent trend above 81 points.
2) Move down to the 30 minute chart and draw standard Fibonacci retracements from high to low on a decline or from low to high on an advance.
3) Place pending buy stop/sell stop orders 2 points above/below the 30-minute extreme. A bar that ends a rise or fall.
4) Set take profit to 10-15 pips or 38.2 Fibonacci level, whichever is smaller
5) Set stop loss 10-15 pips above/below the 30 minute bar trend extreme. An acceptable stop loss is 30 pips or less.
6) If the price exceeds the trend extreme line before triggering the pending order, you must cancel the pending order and wait for a restart.
7) If the price triggers your order and then goes against you, crossing the trend limit but not hitting your stop loss, move your price target to +1 pip or breakeven.
8) Rinse and repeat
Although the risk-reward ratio is usually around 2:1, the win rate is usually >90%.
Risk no more than 0.5 to 1% per trade (I personally risk 5%, but do what I say, not what I do.)
Start a demo before a live account (does anyone actually do this?)
I use this website to calculate my lot size:
http://www.earnforex.com/position-size-calculator
Advantages of the Motherfibber system:
- High winning rate
- Simple and easy
-Typically find and trade 0-3 trades per day
- No indicator
-There are only two charts H4 and M30
Disadvantages of the Motherfibber system:
-Lower risk-reward ratio (overcome by high win rate)
-No indicators (your friends may make fun of you)
-When you finally make a profit this year, you will have to pay foreign exchange tax.
I consider the Motherfibber system to be a scalping type of system. If there is interest, and the constructive posts and ideas significantly outweigh the destructive negative posts, then I will call my long-term investment strategy "COT for Dummies."
Below you will see 2 examples, one for buying and one for selling...
This system only works with EUR/USD.
1) Using the 4 hour chart, find the recent trend above 81 points.
2) Move down to the 30 minute chart and draw standard Fibonacci retracements from high to low on a decline or from low to high on an advance.
3) Place pending buy stop/sell stop orders 2 points above/below the 30-minute extreme. A bar that ends a rise or fall.
4) Set take profit to 10-15 pips or 38.2 Fibonacci level, whichever is smaller
5) Set stop loss 10-15 pips above/below the 30 minute bar trend extreme. An acceptable stop loss is 30 pips or less.
6) If the price exceeds the trend extreme line before triggering the pending order, you must cancel the pending order and wait for a restart.
7) If the price triggers your order and then goes against you, crossing the trend limit but not hitting your stop loss, move your price target to +1 pip or breakeven.
8) Rinse and repeat
Although the risk-reward ratio is usually around 2:1, the win rate is usually >90%.
Risk no more than 0.5 to 1% per trade (I personally risk 5%, but do what I say, not what I do.)
Start a demo before a live account (does anyone actually do this?)
I use this website to calculate my lot size:
http://www.earnforex.com/position-size-calculator
Advantages of the Motherfibber system:
- High winning rate
- Simple and easy
-Typically find and trade 0-3 trades per day
- No indicator
-There are only two charts H4 and M30
Disadvantages of the Motherfibber system:
-Lower risk-reward ratio (overcome by high win rate)
-No indicators (your friends may make fun of you)
-When you finally make a profit this year, you will have to pay foreign exchange tax.
I consider the Motherfibber system to be a scalping type of system. If there is interest, and the constructive posts and ideas significantly outweigh the destructive negative posts, then I will call my long-term investment strategy "COT for Dummies."
Below you will see 2 examples, one for buying and one for selling...
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