New York 5pm Fibs | Forex Indicators Download - MT4/MT5 Resources
Introduction:
(Have a look at page 11, update to article 167 - Experiment 3....if you want to know about it...some changes have been made...if you want the history...continue reading below.)
This is an experiment. Trade at your own risk. See attachment below. Please feel free to add your thoughts.
index:
CanuckCT created an indicator.
Indicators are attached below. The indicator is a work in progress...the indicator is drawing small fibers in time for visual testing of entries, take profit and stop loss points.
The anchor pivot is calculated at the opening candle at 5 PM EDT (UTC_GMT 21). To shift, use only positive numbers.
Continue watching for 1 hour
Download the indicator and use the following (this is experiment 2)
Bitcoin = 100
BE=50
BSL = 0
S&P=100
SE = 50
SSL=0
BSL, SSL and Open labels will overlap
You need to understand how I originally created the blue and red Fibonacci so that you can enter the correct Fibonacci information.
This indicator supersedes the setup steps below.
Post #5 does show expansion of the blue and red fibers.
Long fibers (blue) and short fibers (red) are produced.
(You can use your own Fibonacci percentages.) (The goal is to manage risk first, then profit.)
It's worth your time to read the first four pages to understand how it evolves...it won't take long.
Short description:
Use Fib based on New York closing price and daily ATR(22)/2 (rounded up).
(Experiment 1...was not as profitable as originally thought.)
Blue fiber:
TP at 150
76.4 Buy
SL at 23.6
Red fiber:
SL at 23.6
Sold at 76.4
TP at 150
(Experiment 2...was more profitable than Experiment 1.)
Blue 100 TP
Buy SL at blue 50 at blue 0
SL is red 0
Sell Red 100 TP for Red 50
MM:
1. Transaction risks are borne by you
2. Calculate the loss you can tolerate based on your trading goals and trading plan, and modify the buy, sell, stop loss, take profit and lot sizes
3. Modify buying, selling, stop loss, take profit and lot size according to the trend
trend:
1. Use the 1 hour view
2. Compress view
3. Decide what you think about the trend
4. Suggestion, use your favorite lie or number from the past week
4.1 Place 0 fib at the high or low of the trend direction
4.2 If last week’s closing price > opening price, the trend is upward
4.3 If last week’s closing price < opening price, the trend is downward
4.4 If last week’s closing price = opening price, use fib 2 weeks ago
set up:
The indicator replaces the following setup steps.
1. Calculate Daily ATR(22) - Keep it simple and use ATR based on your broker day
2. Divide the result by 2
3. Use Fibonacci tools with your favorite Fibonacci or numbers
4. You will need 2 Fib tools.
5. The Upward Fibonacci tool is color coded blue
5. Edit the Fib tool properties parameter tab
6. Put ((sum of opening prices at 5pm + daily ATR(22)/2)) into the highest value box
7. Place the 5pm opening price into the lowest value box
8. Color-code the downward Fibonacci tool red
9. Edit Fib tool properties parameter tab
10. Place the 5pm opening price into the highest value box
11. Put ((sum of opening prices at 5pm - daily ATR(22)/2)) into the minimum value box
12. 5pm EST = 21 UTC (Greenwich Mean Time)
13. Demo brokers are the best choice for PMG
14. The Fib tool is the only tool needed
15. The other Fibonacci lines in the attachment are all weekly lines, based on July 11, 2008 to October 24, 2008
16. Other indicators include ATR in PIP, i-5days, P4L Clock, PivotPoints MultiTimeframe and indicators created based on Accrete for coloring time
16.1 I'm using the hourly view, and the ATR(22) on the hourly screen shows the hourly average for the past 22 hours. I switch to daily view to get daily ATR(22)
17. If you need these indicators, please search in FF
18. Remember, all you need is the Fib tool and knowing the time of 5 PM EDT and ultimately 5 PM EDT. You don't need CanuckCT's indicators.
Comment:
1. I would like to see if it would be profitable to trade from 5pm ET until 5pm ET based on the above or a modification of the above
2. I don't trade using this method, but... a buy price of 50, take profit price of 100, stop loss price of 0, sell price of 50, take profit price of 100, stop loss price of 0 has proven to be profitable
3. Transaction risks are borne by you. CanuckCT and I take no responsibility for your wins or losses
4. Thanks to many FF members - 2005 to present
(Have a look at page 11, update to article 167 - Experiment 3....if you want to know about it...some changes have been made...if you want the history...continue reading below.)
This is an experiment. Trade at your own risk. See attachment below. Please feel free to add your thoughts.
index:
CanuckCT created an indicator.
Indicators are attached below. The indicator is a work in progress...the indicator is drawing small fibers in time for visual testing of entries, take profit and stop loss points.
The anchor pivot is calculated at the opening candle at 5 PM EDT (UTC_GMT 21). To shift, use only positive numbers.
Continue watching for 1 hour
Download the indicator and use the following (this is experiment 2)
Bitcoin = 100
BE=50
BSL = 0
S&P=100
SE = 50
SSL=0
BSL, SSL and Open labels will overlap
You need to understand how I originally created the blue and red Fibonacci so that you can enter the correct Fibonacci information.
This indicator supersedes the setup steps below.
Post #5 does show expansion of the blue and red fibers.
Long fibers (blue) and short fibers (red) are produced.
(You can use your own Fibonacci percentages.) (The goal is to manage risk first, then profit.)
It's worth your time to read the first four pages to understand how it evolves...it won't take long.
Short description:
Use Fib based on New York closing price and daily ATR(22)/2 (rounded up).
(Experiment 1...was not as profitable as originally thought.)
Blue fiber:
TP at 150
76.4 Buy
SL at 23.6
Red fiber:
SL at 23.6
Sold at 76.4
TP at 150
(Experiment 2...was more profitable than Experiment 1.)
Blue 100 TP
Buy SL at blue 50 at blue 0
SL is red 0
Sell Red 100 TP for Red 50
MM:
1. Transaction risks are borne by you
2. Calculate the loss you can tolerate based on your trading goals and trading plan, and modify the buy, sell, stop loss, take profit and lot sizes
3. Modify buying, selling, stop loss, take profit and lot size according to the trend
trend:
1. Use the 1 hour view
2. Compress view
3. Decide what you think about the trend
4. Suggestion, use your favorite lie or number from the past week
4.1 Place 0 fib at the high or low of the trend direction
4.2 If last week’s closing price > opening price, the trend is upward
4.3 If last week’s closing price < opening price, the trend is downward
4.4 If last week’s closing price = opening price, use fib 2 weeks ago
set up:
The indicator replaces the following setup steps.
1. Calculate Daily ATR(22) - Keep it simple and use ATR based on your broker day
2. Divide the result by 2
3. Use Fibonacci tools with your favorite Fibonacci or numbers
4. You will need 2 Fib tools.
5. The Upward Fibonacci tool is color coded blue
5. Edit the Fib tool properties parameter tab
6. Put ((sum of opening prices at 5pm + daily ATR(22)/2)) into the highest value box
7. Place the 5pm opening price into the lowest value box
8. Color-code the downward Fibonacci tool red
9. Edit Fib tool properties parameter tab
10. Place the 5pm opening price into the highest value box
11. Put ((sum of opening prices at 5pm - daily ATR(22)/2)) into the minimum value box
12. 5pm EST = 21 UTC (Greenwich Mean Time)
13. Demo brokers are the best choice for PMG
14. The Fib tool is the only tool needed
15. The other Fibonacci lines in the attachment are all weekly lines, based on July 11, 2008 to October 24, 2008
16. Other indicators include ATR in PIP, i-5days, P4L Clock, PivotPoints MultiTimeframe and indicators created based on Accrete for coloring time
16.1 I'm using the hourly view, and the ATR(22) on the hourly screen shows the hourly average for the past 22 hours. I switch to daily view to get daily ATR(22)
17. If you need these indicators, please search in FF
18. Remember, all you need is the Fib tool and knowing the time of 5 PM EDT and ultimately 5 PM EDT. You don't need CanuckCT's indicators.
Comment:
1. I would like to see if it would be profitable to trade from 5pm ET until 5pm ET based on the above or a modification of the above
2. I don't trade using this method, but... a buy price of 50, take profit price of 100, stop loss price of 0, sell price of 50, take profit price of 100, stop loss price of 0 has proven to be profitable
3. Transaction risks are borne by you. CanuckCT and I take no responsibility for your wins or losses
4. Thanks to many FF members - 2005 to present
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