Rules:
1. Wait For A Trend (Color) Change on Non-Lag Dot (Setting 24) (Must Be Following A Closed Bar And Closed Color Change)
- Lowest Valid Time Frame For This is 15 Min Chart!
2. Pull Fib Retracement From The Low or High Prior To Trend Change (Depending On The Direction)
- Bullish pull from the low
- Bearish pull from the high
3. Wait For Price To Pullback To At LEAST 50% Following The Trend Change
- If working on a higher time frame drop to 5 min or 15 min
4. Buy or Sell Following A Bounce Off The Fib Levels
Entry Rules:
1. After There Is A Reaction Off The Fib Levels. Put A Buy Stop Or Sell Stop At A Set Number Of Pips Above The Low Or Below The High Of The Bounce or Reaction (This is going to create an entry similar to a Renko Chart Without Using Renko Charts). So A Fixed Number of Pips After The Bounce.
2 There are many ways to enter a trade. This is just one idea that I believe is good for this type of setup.
Exit Rules:
1. First Profit at -24%
2. Runner or -62%
Stop:
1. Above Or Below The Most Recent High Or Low
2. OR NLD (Non-Lag Dot) Color Change
Fib Levels
- 0%
- 100%
- 50%
- 62%
- 70%
- 79%
- (-24%)
- (-62%)
I anticipate this will be a bit confusing to many. If you have never used Fibonacci tool, it will take some practice. It should sink in with practice over a couple weeks. I will post many charts to explain. I'll probably do some videos as well at some point.
Enjoy
1. Wait For A Trend (Color) Change on Non-Lag Dot (Setting 24) (Must Be Following A Closed Bar And Closed Color Change)
- Lowest Valid Time Frame For This is 15 Min Chart!
2. Pull Fib Retracement From The Low or High Prior To Trend Change (Depending On The Direction)
- Bullish pull from the low
- Bearish pull from the high
3. Wait For Price To Pullback To At LEAST 50% Following The Trend Change
- If working on a higher time frame drop to 5 min or 15 min
4. Buy or Sell Following A Bounce Off The Fib Levels
Entry Rules:
1. After There Is A Reaction Off The Fib Levels. Put A Buy Stop Or Sell Stop At A Set Number Of Pips Above The Low Or Below The High Of The Bounce or Reaction (This is going to create an entry similar to a Renko Chart Without Using Renko Charts). So A Fixed Number of Pips After The Bounce.
2 There are many ways to enter a trade. This is just one idea that I believe is good for this type of setup.
Exit Rules:
1. First Profit at -24%
2. Runner or -62%
Stop:
1. Above Or Below The Most Recent High Or Low
2. OR NLD (Non-Lag Dot) Color Change
Fib Levels
- 0%
- 100%
- 50%
- 62%
- 70%
- 79%
- (-24%)
- (-62%)
I anticipate this will be a bit confusing to many. If you have never used Fibonacci tool, it will take some practice. It should sink in with practice over a couple weeks. I will post many charts to explain. I'll probably do some videos as well at some point.
Enjoy