Forex Black Book trading system copy - page 2

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jamesagnew717
288
jamesagnew717  

the 45 simple moving average is the dynamic middle of the fibonacci

ok, up to now the best i can come up with is to do this,

add the 45 simple moving average to your chart,

you want to place the middle of the Fibonacci to this 45 simple moving average ,

if your confused dont worry , i will back this up with examples of diffrent charts so you can be confident of doing this yourself

have a look at the examples below,

its not 100% perfect, but its dam close

any questions feel free to ask

Files:
jamesagnew717
288
jamesagnew717  

update template with fibs setting and dynamic middle for the fibs

I have attached the up to date template , this template has the 45 simple moving average on it, and you should also be able to attach the Fibonacci to the chart as it is shown on the other examples,

make sure that you drag the Fibonacci from the bottom up to get it the right way so that the up targets are above and the down targets are below, make sure its 178 pips from the first tp up to the first tp down, and also make sure that the Fibonacci is set so the middle dot on the Fibonacci is set to the 45 simple moving average

this is as good as it gets guys without paying for this system

all the best

jamesagnew717
288
jamesagnew717  

Just remember , when you take a trade, you have to adjust the Fibonacci as the 45 simple moving average moves with the price, don't keep the Fibonacci at the entry area, this targets is dynamic and will adjust according to the price action, keep this in mind

izogrey
79
izogrey  

Hi,

Maybe this little indi can help in adjusting the targets. It creates channels with the above indicated coordinates.

Cheers.

tp_channels_v0.mq4

Files:
jamesagnew717
288
jamesagnew717  
sogard2008:
Hi,

Maybe this little indi can help in adjusting the targets. It creates channels with the above indicated coordinates.

Cheers.

tp_channels_v0.mq4

this is good idea also, well done. this saves messing around with fibonacci

thank you

jamesagnew717
288
jamesagnew717  

channel targets update template

I have attached the latest template that has the channel indicator on it for the targets, use this as it adjusts itself , you dont need to use Fibonacci just use this template and thats all you need, make sure you have downloaded the channel targets indicator above

jamesagnew717
288
jamesagnew717  

channel targets examples

take a look at this below, you can see it hits the targets very well

Files:
izogrey
79
izogrey  

And here it is a little indi which generates the MACD arrows as per your indications, James. I quite don't know if it's really necessary, but anyway, here it is.

macd_arrows.mq4

Files:
jamesagnew717
288
jamesagnew717  

Final template

sogard2008:
And here it is a little indi which generates the MACD arrows as per your indications, James. I quite don't know if it's really necessary, but anyway, here it is. macd_arrows.mq4

brilliant !

keeps getting better and better, download the arrows indicator for macd and its complete !

you dont even need the 5 ema shift 5 also, or the bottom macd

we now have the system cracked

here is the final version and the template, looking fantastic,

well done guys for your contribution

jamesagnew717
288
jamesagnew717  

exit for failed trend

I have been thinking about this system and I think we need to define when to be closing out our trades and excepting the trend failure

what do I mean by this ?

well what I mean is , say we are in a buy trade and the price goes up and hits our first take profit, we are now at breakeven on the rest of our trades and we exit as the targets are achieved,

lets say we hit target 1, breakeven, hit target 2 then target 3, but we notice that the target 4 has not been hit, what can we do about this ? well we can still stay at breakeven with our last trade, but if the price went up a lot of pips and we did not hit target 4 then this would be leaving a lot of pips on the table, so we have to make the decision in real time wither to exit that 4th trade at some point as the market is just not reaching the number 4 target

so here is what i can suggest that you can do to solve this problem

use the 45 sma as an overall exit

you will notice that when the price is under the 45 sma it will either be a pullback to continue or it will be a reversal

have a look at the example below so you know what I am saying

Files:
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