Fibo-Pivot-Dashboard
Update Dec 10th, 2009: Now the indicator is drawing the boxes of the last swing… not of previous days high low.
Here is something which might help you.
The idea behind this indicator is coming from a thread on ForexFactory trading on a naked chart with Fibs exclusively.
Take the fibs of the last swing, wait until price comes back to the 61.8/38.2 retracement and sell/buy at the fib high/low with target price at the 38.2/-38.2 extension.
That is not a 100% bet but I’m still making some nice profits with this system on GBPJPY.
In the example above the price came back nearly at the pip to the 61.8 retracement, stayed a while in the decision zone and then went up straight to TP at the 38.2 extension.
Explanation of the indicator:
- The box on the chart shows the previous Swing High to Low with the clear gray area being the 38.2 to 61.8 retracement and the dark gray area being from High/Low to 23.6/76.4 retracement. The medium gray area in between is what we call the Decision Zone as from there the price is going to decide his next move.
- Furthermore you have the Pivot Point and the Resistance and Support Lines showing.
- On the right side you have the Pair and current price, then the spread, below the recommended stop loss calculated with a 3 times ATR(21), and then the Buy/Sell price which is the High/Low of the previous day and the target price which is the 38.2 extension minus the spread. Below is the recommended Lot Size to trade depending on your actual equity and then the actual Profit/Loss of your current trades.
- You can change the corner of the info box and shift it around to place it nearly anywhere on the chart you like. x-shift is left/right and y-shift is up/down.
Play around with this and tell me if you need any changes or if you found any bugs in the code.
Happy trading…
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