Simple Trend Follower System - page 8
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Cable Recap
DMI is on strong running. Momentum MACD is heavy. Congestion on fibos but 1.7259 is reliable target.
Weeklies is top timeframe but I don't see support on dailies. I have to move up.
H1 shows a continuation of the last Friday move. DMI is really strong. Look for shorts.
Fibonacci Fan Lines acts as SR lines same as Fibo retracements.
See this example and pay spacial attention to 61.8 line. Once the lines is broken we feel confident about the trade. Meanwhile, we need to wait.
I like to combine different indicators calculated on different ways. And I really like fibonacci.
Watch on pictures how I'm moving the lows/highs to use always last price action.
Thanks very much for posting this strategy and for all of the notated examples.
For those who find Fibs too subjective, here's an indicator that will draw horizontal Fib lines as support / resistance based upon the previous day high & low.
I've used this in conjunction with the Support Resistance (Barry) indicator and it's very effective.
Thanks very much for posting this strategy and for all of the notated examples.
For those who find Fibs too subjective, here's an indicator that will draw horizontal Fib lines as support / resistance based upon the previous day high & low.
I've used this in conjunction with the Support Resistance (Barry) indicator and it's very effective.Hi WNW and thanks. Let me explain why Fibos are not subjective for me.
I'm using a trinagle techniques most of the time. However sometimes a good hand draw it's necessary
To construct a triangle look for last inverse swing low/high. That's point B, draw a line to the other side to a point where you hit the price. The maximum/minor peak in the middle of that line is where you start to draw the fibo.
Please. Tell me if my explanation isn't' clear
Then we draw our Fibonacci.
And several bars later we see price rejected by the 50% retracement.
To draw a retracement for uptrend. We look for the inverse drawing.
DeMark does not mention Fan, but I've adapted his techniques to use with Fibo Fan by using mostly BC rule.
Please, take a look at the following picture as example of fibo fan properties.
I took the weekly and make my fibo fan, the I jumped to Daily just to watch an interesting behavior of price where was hitting the line. First, price rebounded on the line (acting as support) until finally break, then price resisted to go up hitting the line again, and then finally, exhausted, falls.
Picture
The followings picture just comes in newsletter I receive.
One of the three pictures have the golden ratio dimensions. Guess which is.
On a hard week like last one. ADX will prevent to enter on false signals...
Because H1 is a timeframe to keep the trades open for more than one day. By moving to a intraday trading timeframe we could trade on the side of the DMI+/-
Thank you far sharing Linuxuser..
Very nice strategy!
Some news?
ps. I'm also a linux user
my metatrader works great on wine!
Thank you far sharing Linuxuser..
Very nice strategy!
Some news?
ps. I'm also a linux userHi,
Sorry to delay the answer. Cos I'm with a lot of systems and takes a while to complete the turnover. Also, developing or posting about others.
Also, this systems has been well tested during years for Pros. I just added the fibo fan.
Please, see next picture.
Note how the price brokes below the 61.8 fan line. Then rebounds to the line (which is now acting as resistance) and the fall it at last.
During this time ADX keeps on high readings (Strong trend) but MACD crosses several times. It's exactly the explanation inside the PDF
Maybe we could replace this MACD with another Oscillator to add easiness to the system. OSMA?