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Simple Zigzag + Fibonacci Strategy

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toido

New Member
Folks, I want to bring on here a very simple strategy.

The basis of this strategy is the use of two traditional tools which are Zigzag and fibonacci.

Sell Rules :

1. Drag Zigzag indicator on the chart and leave default settings for now. Zigzag just helps to identify the swings but any trader should be able to identify the swings with the naked eye.
2. Identity a Low (L) and a High (H). Wait for price to break the low to form a (LL).
3. Draw a fib retracement from the LL to the H.
4. Enter short if price retraces to your desired fib level. I prefer the 78.2.
5. You may use other filters such as Rsi or stochastic
6. The best trades are the ones where:
a. price spent a great deal of time forming the L-H leg
b. there was a lot of consolidation around the H leg.
c. price didn't take too long to return to the fib level. At the same time we don't want too fast a return as that may be institutional buying and a potential trend change.
Note also that for strongly trending markets, price may not often retrace past the 50.0 fib level.

Buy rules are the opposite .

THREAD RULES: Spammers and trolls will be blocked without any warnings .
Please keep your charts and posts central to the core of this strategy.
 

Attachments

Badrul_93

New Member
Hi. I saw this quite interesting. Does it make a profit before? Can you tell me more about how this mechanism for these two indicators works? Thank you!(y)
 

selected

New Member
Hi. I saw this quite interesting. Does it make a profit before? Can you tell me more about how this mechanism for these two indicators works? Thank you!(y)
 

cyberhealth

New Member
Folks, I want to bring on here a very simple strategy.

The basis of this strategy is the use of two traditional tools which are Zigzag and fibonacci.

Sell Rules :

1. Drag Zigzag indicator on the chart and leave default settings for now. Zigzag just helps to identify the swings but any trader should be able to identify the swings with the naked eye.
2. Identity a Low (L) and a High (H). Wait for price to break the low to form a (LL).
3. Draw a fib retracement from the LL to the H.
4. Enter short if price retraces to your desired fib level. I prefer the 78.2.
5. You may use other filters such as Rsi or stochastic
6. The best trades are the ones where:
a. price spent a great deal of time forming the L-H leg
b. there was a lot of consolidation around the H leg.
c. price didn't take too long to return to the fib level. At the same time we don't want too fast a return as that may be institutional buying and a potential trend change.
Note also that for strongly trending markets, price may not often retrace past the 50.0 fib level.

Buy rules are the opposite .

THREAD RULES: Spammers and trolls will be blocked without any warnings .
Please keep your charts and posts central to the core of this strategy.
Do you have any live trades on this steategy?
 

Dunstan

New Member
I have used Fibbo- zigzag available on MQL5 Community....does this work the same way? Colour codes available?
 

romans

New Member
i have thought about something similar to this but pulling the fibs the opposite direction, ill give it a try
 

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