Hello people, I am starting this because this is the only method that itīs giving me pips and giving me hope, because yes, I have lost a lot, and with this thread i intend to try to help the newbies (like me) the method that is saving my life and my money lately, of course I would like positive ideas and maybe improvements, my native language is spanish, so I apologize if I make mistakes, I have been using this method on a live account for almost 3 months, but I will be posting a demo (for obvious reasons) which are very similar to my live, the system is very mechanical but needs human intervention on making a desition.
The Rules:
-Only Trade the 4H chart
-I only use one indicator MTF Moving Average (only to have a visual of the current daily trend), the settings are as follow: TimeFrame 1440, MAPeriod 50, Shift 0, Method 1, Price 0
-Find the latest movement that has not been retraced to the 38.2 yet
-Draw a fib on that movement
-We are interested only on the 38.2 and 61.8
-If the market is short, when it starts to retrace you put a pending short on the 38.2 fib line with the SL on the 61.8, plus another pending short on the 61.8, with a 100 pip SL
-Always look at the MTF Moving Average and try to enter only on the same direction, if you enter in opposite, I sugest you use a smaller TP
-I put a trailing stop of 75 pips on the regular pairs and let it run until it closes on SL or the TS, and for the volatile pairs I use 100 pips TS
Ok tha is it, I will illustrate the method with some pics, I hope I made myself clear, feel free to ask, letīs make this something productive NOT DESTRUCTIVE, whoever donnīt like this method, donīt use it. I hope this helps some lost people around, regards and happy trading.
I donīt know why the name of the thread has changed to Fib 4Hour Moving Average, just to clarify, the MTF Moving average is not considered to enter trades, just the Fibs, i have it only to have a visual aid of the current daily trend
The Rules:
-Only Trade the 4H chart
-I only use one indicator MTF Moving Average (only to have a visual of the current daily trend), the settings are as follow: TimeFrame 1440, MAPeriod 50, Shift 0, Method 1, Price 0
-Find the latest movement that has not been retraced to the 38.2 yet
-Draw a fib on that movement
-We are interested only on the 38.2 and 61.8
-If the market is short, when it starts to retrace you put a pending short on the 38.2 fib line with the SL on the 61.8, plus another pending short on the 61.8, with a 100 pip SL
-Always look at the MTF Moving Average and try to enter only on the same direction, if you enter in opposite, I sugest you use a smaller TP
-I put a trailing stop of 75 pips on the regular pairs and let it run until it closes on SL or the TS, and for the volatile pairs I use 100 pips TS
Ok tha is it, I will illustrate the method with some pics, I hope I made myself clear, feel free to ask, letīs make this something productive NOT DESTRUCTIVE, whoever donnīt like this method, donīt use it. I hope this helps some lost people around, regards and happy trading.
I donīt know why the name of the thread has changed to Fib 4Hour Moving Average, just to clarify, the MTF Moving average is not considered to enter trades, just the Fibs, i have it only to have a visual aid of the current daily trend