Hello, my name is Marius and I am a forex trader for about 3 years. If you are like me, you have probably tried every forex system here. Still at the end of the month, I found myself losing money like always. Finally one day I decided to make my own trading system as I was so tired of all of the systems that I have tried that does not work. This system is very easy to implement and doesn’t require to stay glued on the monitor all day to wait for a signal. You can check every once in a while to see if the conditions are met. Prior to the implementation of this system, you need to know about Fibonacci the fibonacci retracement and pivot points. If you don’t already know, Google because this is beyond the scope of this article.
Some people use Fibonacci, others use pivot points, moving average, or trend lines. My system is about an efficient combination of all these methods of technical analysis.
You are going to need for the installation of 2 tables:
1) the chart of 1h
2) 15 min chart
Signals: 200 ema(1 h 15 min), 55 ema(1h or 15 min), round numbers(like 1.3200), important pivot points(S1,R1,M1,M2,M3,M4), Fibonacci retracement(38%,50%,61.8%)
Any time you find a confluence of at least 3 of the above signals are not the trade.
Stop loss: 20 pips
Target: 40 pips
Example: let’s say that the ema 200 on the chart of 1h is at 1.3227, 1.3232 is 50% Fibonacci’s retracement of a previous up move and the M1 reversal pivot point is at 1.3230 and current eur/usd price is 1.3250.
Place a buy order near the confluence (buy 1.3235 sl:1.3215 target:1.3275)
This system is about finding strong reversal points by implementing different technical analysis methods that traders use.
In a next article I will write more about refine the objectives of using extensions of Fibonacci.