Well, that was a flop~
Not really. It works, at the same time, not so much. Probably I'm not good with wave analysis. So, I'm going to use MAs more. Whats the difference?
Here is a quick peak:
- 8 EMA (Yellow)
- 21 EMA (Blue)
- Stoch (12,3,3)
The Stoch will determine the Low and the High for my Fibs Level.
Lets discuss the long entry...
- Yellow above Blue
- Draw Fibs Level from Low to High
- Price must retrace to at least the 50 Fibs level
- If Price hits 76.8% Fibs, its invalid.
- If Price goes back to 38.2%, enter!
- First TP level will be at 0.00%! :)
- Stop Loss is 3 pips below the 61.8%.