My trading system is based solely on Fibonacci backed by 2 EMAs. No more, no less. You might be wondering why so simple. But I tell you friends, it might be very simple as it may seems to be but it gave me a lot of pips for the last 7 seven days. First, a trend must be identified using the 30 minute chart. By the way, this strategy is inspired by the strategy perfected by Mr Vance Williams of Forex Art of War. With this, I am very thankful to him for creating this system.
Now after identifying a trend through 30-minute chart using 21 and 55 EMAs, we will wait until the price hit the 38.2% retracement level wherein our limit orders are already posted. and VOILA! We're in business!
The target profit is 15 pips and the stop loss is set at -30 pips. For the last 7 days of testing this strategy, it managed to open 53 trades, 46 are winners and only 7 losers on EUR/USD, GBP/USD, USD/CHF, AUD/USD and NZD/USD. That's a whooping 480 pips in profit. Very, very simple and very profitable.
I will post a screen shot on my next post. Good luck. I hope you find this blog informative and helpful. Keep on checking guys. And oh, before I forget please do follow me on Twitter @attychemayo and #simplefibonacci.
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