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Follow the Trend with Fib support Levels
This is trend following strategy. Which takes entries on the pullbacks when long term trend is up.
It allows you to enter / add on pullback of Fib 0.618 of prebious N number of candles. I have defaulted this to 9.
BUY
====
1. Long term trend is UP i.e ema 50 is above ema 200
2. wait for Fib0.618 pulls back to trend zone (orange line )
3. when the close cross above Fib0.618 line , Enter BUY or ADD to existing position
Exit
====
1. Wait for Fib0.618 come out of Trend zone
2. close partial , when price cross down below Fib0.236
Stop Loss
========
1. Stop Loss set as Trailing Stop Loss , defaulted to 5%
you can also use ATR as trailing stop loss.
I have tested with SPY , QQQ and AAPL on hourly chart
Warning
========
for the use of educational purpose only. If you want to trade the startegy signals, please do yor own research.
It allows you to enter / add on pullback of Fib 0.618 of prebious N number of candles. I have defaulted this to 9.
BUY
====
1. Long term trend is UP i.e ema 50 is above ema 200
2. wait for Fib0.618 pulls back to trend zone (orange line )
3. when the close cross above Fib0.618 line , Enter BUY or ADD to existing position
Exit
====
1. Wait for Fib0.618 come out of Trend zone
2. close partial , when price cross down below Fib0.236
Stop Loss
========
1. Stop Loss set as Trailing Stop Loss , defaulted to 5%
you can also use ATR as trailing stop loss.
I have tested with SPY , QQQ and AAPL on hourly chart
Warning
========
for the use of educational purpose only. If you want to trade the startegy signals, please do yor own research.
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