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A45T
10-03-2015,
Here is a trading system that I have come across, I don't know who the original creator is. It is a fairly easy system and has been fairly successful. This system can be used on any time frame but works best on 15 min charts.

This system is based on three indicators and Fibonacci lines.

Exponential Moving Average (period 21, high)
Exponential Moving Average (period 21, low)
Williams’ Percent Range (period 35, add -50 line)
Fibonacci Lines (instructions below)

Here is the template for MT4:

therightstuff.zip


Set up chart using the template above and then add Fibonacci Lines as per instructions below:

1. Draw a Fibonacci retracement on the previous month's data.

a. You can use the Daily or the Monthly chart.

b. On the Daily chart, start at the beginning of the previous month. The previous month’s data can be identified by the white vertical Period Separator lines on your chart. At this stage, all you need to do is identify where the previous month’s data begins and ends.

c. If the open at the beginning of the previous month is lower than the close at the end of the previous month draw your Fibonacci retracement starting from the low to the high.

d. If the open at the beginning of the previous month is higher than the close at the end of the previous month draw your Fibonacci retracement starting from the high to the low.

e. If you are using the Monthly chart simply look at the previous candle.

f. If it is a Bullish candle draw your Fibonacci retracement starting from the low to the high.

g. If it is a Bearish candle draw your Fibonacci retracement starting from the high to the low.

2. Draw a Fibonacci retracement on the previous week's data.

a. You can use the Weekly or the 4 Hour chart.

b. On the 4 Hour chart, start at the beginning of the previous week. The previous week’s data can be identified by the white vertical Period Separator lines on your chart. At this stage, all you need to do is identify where the previous month’s data begins and ends.

c. If the open at the beginning of the previous week is lower than the close at the end of the previous week draw your Fibonacci retracement starting from the low to the high.

d. If the open at the beginning of the previous week is higher than the close at the end of the previous week draw your Fibonacci retracement starting from the high to the low.

Or you could use the Weekly chart to insert the Fibonacci retracement instead.

e. If you are using the Weekly chart simply look at the previous candle.

f. If it is a Bullish candle draw your Fibonacci retracement starting from the low to the high.

g. If it is a Bearish candle draw your Fibonacci retracement starting from the high to the low.

h. The Fibonacci retracement on the Weekly chart does not require the 23.6 and 38.2 levels.


Entry Rules:

Go to the 15 Minute chart to identify an entry.

Long Entry:

1. Wait for a candle to close above the 21 EMA of the Highs.

2. As long as price remains above the 21 EMA of the Highs wait for a candle to close above any of the Fibonacci retracement levels.

3. If both the conditions above are met and the Williams % R is above 50 enter a Buy trade at the open of the next candle.

4. Place your stop loss 27 pips away from the Fibonacci level that was breached by the set up candle.

5. Place your Take Profit 45 pips away from your entry price.

Short Entry:

1. Wait for a candle to close below the 21 EMA of the Lows.

2. As long as price remains below the 21 EMA of the Lows wait for a candle to close below any of the Fibonacci retracement levels.

3. If both the conditions above are met and the Williams % R is below 50 enter a Sell trade at the open of the next candle.

4. Place your stop loss 27 pips away from the Fibonacci level that was breached by the set up candle.

5. Place your Take Profit 45 pips away from your entry price.

ADreattylilt
10-04-2015,
Where did you find this? Looks simple enough. Have you tried it out yourself? If you have, please upload some sample charts please. Thanks!

4076043979
10-05-2015,
Quote Originally Posted by mynameisfez View Post
Where did you find this? Looks simple enough. Have you tried it out yourself? If you have, please upload some sample charts please. Thanks!
Also some backtest results if you have. I'm sure Robopip will be interested in trying it out for himself too!

Aliciaet
10-06-2015,
Conditions:

Below are some conditions that I have as part of my trading plan. These conditions are not part of the system mentioned above, they are conditions I use regardless of which trading system I am using.

I never trade 15 mins before or 30 mins after:

a. Opening time for the Tokyo, London & New York sessions.
b. Any reports or announcements.

I use the following site to find out when announcements or reports will be on, Forex Calendar: Economic Calendar for FX Trading News & Event Risk. I only bother with high & med impact.

I don't trade on Mondays.

I don't trade after New York lunch time on Friday.

I never consider a trade if the set up candle is abnormally bigger than other candles on the chart I am using to trade, I also disregard candles that have a large spike.

I like to check the direction of the market on a higher time frame like the H4 and prefer to enter trades in that direction for that currency pair. That doesn't mean I won't enter a trade in the opposite direction, I just make sure that all the rules are spot on before considering that trade.

I never trade if the market is ranging, I switch to another currency pair.

Personally I only trade the following currency pairs:

AUDJPY
AUDUSD
EURJPY
EURUSD
GBPJPY
GBPUSD
USDJPY
NZDUSD