This indicator is base of the Fibonacci indicator. However unlike most of the other indicator that operate according to the Fibonacci indicator, this indicator do not display the Fibonacci levels, rather, it only gives the signals when necessary to. The indicator is simplified and best even for the forex beginners.
This indicator is programmed for use with the major currency pairs excluding the GBP/USD. The best results however are obtained when used to trade the EUR/USD. The indicator will automatically not load in the currency pair charts with which it is not designed to be used to trade. That is if you try loading it on the EUR/CHF or any other currency pair that is not a major, the indicator will not be displayed.
This indicator displays ticks, Xs and arrows. The color of the arrows vary between green and red. The red arrow is displayed when there is a down trend prediction and the green arrow is displayed when there is an upward trend prediction. The Xs and the ticks color don’t change. The Xs are red while the ticks are always green. These two acts as a confirmation of the signal that is given by the indicator.
How to trade using the Fibonacci Mystery indicator.
Trading using the Fibonacci Mystery indicator is quite easy with the trader only being required to place trade when the signals appear. However, the trader has to understand specifically when to place trades.
Trades should only be placed when the X, arrow and tick are formed. If any of the three is not formed, the trader should avoid placing any order despite how the chance seems to be tempting. If all of them are not formed, it means that the signal is not confirmed and the market can move in any direction.
Mainly, in such circumstances, the market prices will tend to move slightly in the direction of the arrow and then move drastically in the opposite direction without a signal being given.
Placing sell orders: the sell orders should be placed when a red arrow is formed. Then there have to be a tick below the bars and an X.
Placing a buy order: buy orders are placed when a green arrow is displayed and there is an X and a tick.
After placing the orders the trader has to place stops previous high/low.
Take profit should be 100 point.
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Hello Trader, My name is Ankush. On the blog "AM Trading Tips" contains Indicators and Trading Systems for Forex and Binary options. With a variety of trading (Forex and Binary indicators,trading strategies for different trading styles,and also Expert Advisors) that can be absolutely free
1 comments:
Click here for commentsExcellent indicator!
Just wanted to try it, and it shows perfect results on major currency pairs. I just want to suggest to trail stoploss according with fibo levels. I saw some good trades stopped out because of the supply and demand formation, where spike just touches stop loss. Just trail stoploss on previous fibo level.
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