I want to test something. It's simple. Place some random lines on your chart prior to the day opening, and see if at the end of the day you feel like those lines were important (try to imagine they weren't random, but some expensive or complicated …
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Once you see the price converges at the extreme levels, heads to the mid line, the -60 or -40 line, then it comes back down/up to the extreme levels, then you have a defnite signal to buy/sell.
You then place a buy/sell order right at the fibopivot.
No need to wait for Price action.
No need to wait for candlestick to close.
To add on, the only thing you have to look out for are the squigly lines converging together or goes into the extreme levels.
Ignore the squigly lines.
These indicates noise in the market, therefore, you will not accidentally place a bad trade based on noise because now you know, from the indicator, they are noise.
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Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
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1. How long have you been trading this exact method?
2. Are you trading cash or sim?
3. If cash, how many cash trades have you taken?
4. If cash, what is the win/loss ratio of those cash trades?
5. If cash, what is your MFE and MAE?
6. If cash, what is your win/loss dollar ratio?
1. This method has been used for 3 months. I became consistenly profitable since.
2. Cash - Started with $500 only.
3. Win/loss - Trying to be as conservative as possible, I'll just say, 15% of trades are losses, but at the same time, i'm not sure whether they should be losses cause its like -1 pip loss to quickly exit with when a signal comes wth multiwave- X. I'll touch on that later.
4. I have no idea MFE and MAE stands for. recent trades, on the eur/usd for example, stop loss was about 15 pips, TP 1 was 240 pips, TP 2 was 160 pips. I'm serious.
5. Win/loss dollar ratio, I think that was given in the previous line.
I'm still investigating this system now, I've been sticking to it for 3months, and am still trying to find any flaws to it.
This should be interesting.....I will not be surprised if you don't end up trying to sell something (this looks to professional). That being said I am familiar with a similar methodology and if you are not tossed in the recycle bin by Big Mike I will participate in this disscussion after you fully lay everything out and are vetted.
Kbit
It took much blood, sweat and tears, + some amt of money attending courses
To create the system today through much trial and error where I would find myself spend spending nights studying charts without sleeping.
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