Fibonacci+5WMA (Fib+5WMA) | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

I started this thread to share this strategy with all the other members and also hopefully get help from others on ways to make it stronger and more consistent.

I'm using this strategy with good results so far. This is basically not my own method, I got it from other links written by Mr. Edward. I really appreciate his work and efforts to teach others and make them better traders.
Let's get started with the setup.

Transaction settings:
Time range: M15-M30-H1
Currency Pair: Any.
Indicator: 5 WMA

rule:

Start by looking for recent swing highs/lows to plot Fibonacci. Always draw in the direction of the trend. I use the 50 SMA to determine the trend direction on the M 15 chart. If the price is above the 50 SMA, it means bullish, and if it is below the 50 SMA, it means bearish.

After drawing the Fibonacci AB wave in the direction of the trend, wait for the pullback.

For retracements, there are some rules to follow:

1. The price must reach 5 WMA.
2. Price must hit at least the 0.382 Fibonacci retracement level.
3. The 0.618 Fibonacci retracement level must not fail.

entry:

Look for valid retracement levels after the rule.

Buy when the retracement candle closes clearly above the 5 WMA.
Sell ​​when the retracement candle closes clearly below the 5 WMA.

Stop Loss Order <br> Always set your stop loss 5 pips above/below the 61.8 level.
When taking the 61.8 retracement, place your stop loss 5 pips above/below 78.6.

Profit Target <br> I use FE 100.0 for TP 1 and FE 161.8 for TP 2.
You can also set a profit target of FE 127.0.

Notice:
Always risk only 2-3% of your investment.

All comments and suggestions will be greatly appreciated.
If anyone has a trick to make it more continuous, please share.

User participation:

As suggested by Freeg I am adding an indicator called G7 which can be used to identify trend direction. When a pair is above +1, it is strong, and when a pair is -1, it is weak, so we start looking for that pair's setup. I've attached a diagram and tried to describe everything.

chart:
I posted my recent EUR/USD, EUR/JPY charts to show entry points and profit targets, on my charts the blue line is the 50 SMA and the white line is the 5 WMA. The vertical lines show the entry points. On the second chart of EUR/USD, EUR/JPY, EUR/JPY both show that the profit target has been reached and the next valid wave setup is shown in red.