RoyalPrince Fibo

Royal Prince Fibonacci , has the most advance Trend detection algorithm built into its Alert system combined with the RoyalPrince Non-repaint Arrows with it's own alert system you will never miss the opportunity of the trade. 

works on all Charts and all Timeframe on mt4.

▪︎Best Timeframe M5,M15,M30,H1,H4,D1 

Options:

How to use the ATR Non-Repaint ARROWS

When trading with a signal arrow indicator that doesn't repaint and is based on ATR (Average True Range) on the H1 time frame, here's a suggested approach for entry and exit:

Entry Method:

1. Confirmation Candle: Wait for the current candle to close after the signal arrow appears. This helps confirm the validity of the signal.

2. Check ATR: Look at the current ATR value. A higher ATR indicates higher volatility, which may require wider stop-loss and take-profit levels.

3. Entry Point: Enter a trade at the beginning of the next candle after the confirmation candle. This ensures you're entering the trade with momentum in the direction indicated by the signal arrow.

4. Risk Management: Set your stop-loss and take-profit levels based on the ATR to ensure your risk is adequately managed. For example, you might set your stop-loss a certain number of pips away from the entry point based on a multiple of ATR.

Exit Method:

1. Trailing Stop: Use a trailing stop-loss to capture profits as the trend progresses. You can trail the stop-loss behind swing highs or lows, or use a fixed distance such as a multiple of ATR.

2. Take Profit: Consider taking profits when the price reaches a predetermined target based on ATR multiples or key support/resistance levels.

3. Signal Reversal: If the signal arrow changes direction or a new signal arrow appears in the opposite direction, consider exiting the trade to prevent potential losses.

4. Manual Monitoring: Continuously monitor the trade's progress and consider exiting if the market conditions change significantly, such as a sharp reversal or news event.

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Take Profit:

Identify the recent swing high or low before the entry point.

Use Fibonacci retracement levels (typically 0.382, 0.5, and 0.618) to determine potential take-profit levels.

Place your take-profit level at or near one of these Fibonacci levels, depending on your risk tolerance and market conditions.

You can also use Fibonacci extensions beyond the swing high or low to identify potential targets if the market is trending strongly.

Stop Loss:

Similarly, identify the recent swing high or low before the entry point.

Use Fibonacci retracement levels to determine potential stop-loss levels. Common levels include 0.382, 0.5, and 0.618.

Place your stop-loss level below the swing low (for long trades) or above the swing high (for short trades) at or near one of these Fibonacci levels.

Adjust the stop-loss level based on the current ATR value to ensure it's adequately placed to withstand market fluctuations while limiting risk.

Example:

Let's say you're entering a long trade after a signal arrow appears and the confirmation candle closes. You identify the recent swing low before the entry point. You decide to use Fibonacci retracement levels to set your take-profit and stop-loss levels.

You notice that the swing low is at 1.2000, and the current price is at 1.2050.

You decide to place your take-profit level at the 0.618 Fibonacci retracement level, which is at 1.2150.

For the stop-loss level, you place it below the swing low at the 0.382 Fibonacci retracement level, which is at 1.1980.

Adjust these levels according to your risk tolerance, market conditions, and the current ATR value.

By incorporating Fibonacci levels into your take-profit and stop-loss placement, you can add another layer of technical analysis to your trading strategy and potentially improve your risk management approach.

Tips:

- Backtest your strategy to ensure its effectiveness under various market conditions.

- Consider using additional indicators or technical analysis tools to confirm signals and filter out false signals.

- Stick to your trading plan and avoid emotional decision-making, especially during periods of market volatility.

Remember that no trading strategy is foolproof, and there will always be risks involved. Practice proper risk management and only trade with funds you can afford to lose.