FiboLevel boing boing system(FiboLevel boing boing system)
Hello everyone,
I have been trading this system for a while now. There was a thread here talking about it, but it's now closed (or lost?).
That's sad because it's really a very simple and profitable system.
I'm here looking for advice and any ideas to make it better, and also for people who are interested in a simple and effective trading system if they are lost.
The main idea is to wait for the price to fail to break above the daily Fibonacci levels.
The purpose of the indicator is just to help visualize this and make it easy to detect.
It works on any currency pair and in any market context (trend or range) on any time frame.
This is a complete system and it has leading and lagging indicators to confirm.
How to trade:
1- Wait for 3_Level_ZZ_Semafor to start entering level 3
2- Wait for price to hit Fibonacci levels and then retrace. Retrace can be seen when Heiken Ashi changes color.
3- Check if the stochastic crosses. Usually, it is already on the right side (above 80 for sell, below 20 for buy).
4- Trade!
Stop loss can be placed after the last high/low and take profit can go to the next level, or 2 or 3 levels further.
More on this in the next article, where we will explain it in detail with examples.
Heiken Ashi is optional if you know how to recognize price action patterns. For me, it's easier this way.
Very very important note: 3_Level_ZZ_Semafor is a repaint indicator! I know a lot of people don't like it and find it completely useless for trading. Integrated into this system, it's very powerful if you think of it that way ---> Hey, there's a level 3 coming, let's focus on this until it reverses on the Fibonacci levels!
That's it. Never place a trade immediately just because you see a 3 appear, as that 3 will keep moving until it actually reverses. Here it is used as a leading indicator, just to get you to pay attention!
Here you will find more explanations about 3_Level_ZZ_Semafor! This is better than my own explanation.
I also set up a 2 MA, just to help see trends on higher time frames.
Here are the indicators and templates I actually use.
I have been trading this system for a while now. There was a thread here talking about it, but it's now closed (or lost?).
That's sad because it's really a very simple and profitable system.
I'm here looking for advice and any ideas to make it better, and also for people who are interested in a simple and effective trading system if they are lost.
The main idea is to wait for the price to fail to break above the daily Fibonacci levels.
The purpose of the indicator is just to help visualize this and make it easy to detect.
It works on any currency pair and in any market context (trend or range) on any time frame.
This is a complete system and it has leading and lagging indicators to confirm.
How to trade:
1- Wait for 3_Level_ZZ_Semafor to start entering level 3
2- Wait for price to hit Fibonacci levels and then retrace. Retrace can be seen when Heiken Ashi changes color.
3- Check if the stochastic crosses. Usually, it is already on the right side (above 80 for sell, below 20 for buy).
4- Trade!
Stop loss can be placed after the last high/low and take profit can go to the next level, or 2 or 3 levels further.
More on this in the next article, where we will explain it in detail with examples.
Heiken Ashi is optional if you know how to recognize price action patterns. For me, it's easier this way.
Very very important note: 3_Level_ZZ_Semafor is a repaint indicator! I know a lot of people don't like it and find it completely useless for trading. Integrated into this system, it's very powerful if you think of it that way ---> Hey, there's a level 3 coming, let's focus on this until it reverses on the Fibonacci levels!
That's it. Never place a trade immediately just because you see a 3 appear, as that 3 will keep moving until it actually reverses. Here it is used as a leading indicator, just to get you to pay attention!
Here you will find more explanations about 3_Level_ZZ_Semafor! This is better than my own explanation.
I also set up a 2 MA, just to help see trends on higher time frames.
Here are the indicators and templates I actually use.
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