Fibonacci Trading With Stochastic Indicator
What we Need for this Trading System?
1.A Fibonacci retracement tool with the 127.2 and 161.8 levels
2. A stochastic indicator/oscillator (5,3,3)
3. Knowledge of a few price action signals that means candlestick pattern.
The stochastic should be set to the default K Period – 5, D Period – 3, Slowing – 3 (5,3,3).
In the examples below we are using the default Fibonacci retracement tool. However, I’ve added a -0.272 and a -0.618 level. I’ve labeled the lines -127.2 and -161.8.
Step 1: Draw the tool onto your chart as you normally would
Step 2: Double-click the angled line (draw line)
Step 3: Right-click the angled line and select “Fibo properties…”
Step 4: Under the “Fibo Levels” tab, add -0.272 and -0.618
Step 5: Label your new levels and click “OK”
Buy Entry Rules:
1.Significant bullish price swing.
2.Retracement within the “sweet spot”.
3. A strong bullish candlestick pattern.
In this picture we found Bullish Engulfing Pattern.
4.Stochastic oscillator is oversold.
Stop loss and Take Profit :
We can place our stop loss just 5/7(depend on different pair spread) pips below the lowest retracement.
When the market going in our favor, we can use breakeven before the price reaches the previous high.
Close half of your position when the price reaches the previous high (0 levels).
Close half of your remaining position when the price reaches the 127.2 Fibonacci extension level.
Exit your trade by closing your remaining position at the 161.8 Fibonacci extension level
Sell Entry Rules:
1.Significant bearish price swing
2.Retracement within the “sweet spot”
3.A strong bearish candlestick pattern
4.Stochastic oscillator is overbought
Stop Loss and Take Profit System:
We can place our stop loss just 5/7(depend on different pair spread) pips above the hihgest retracement.
When the market going in our favor, we can use breakeven before the price reaches the previous low.
Close half of your position when price reaches the previous low (0 level).
Close half of your remaining position when price reaches the 127.2 Fibonacci extension level.
Exit your trade by closing your remaining position at the 161.8 Fibonacci extension level
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