Event Defining & Profit Taking Strategy

Updated

This is a basic trading strategy using Stop-Limit orders placed on Fibonacci retrace on price action taking place in given "phases" Phases are named "Buy" or "Sell" based on the RSI/Stochastic Oscillators in the chart. On overbought conditions we sell, and on oversold conditions we buy. These conditions trigger "buy" or "sell" phases and we react with stop limits placed from the previous cycles price extreme to the new cycles current price - at the Fibonacci retrace level of 23%. Further I recommend pyramiding your orders on the 38% fib as well. Leaving only 15-20% of the equity on the 23% retrace and 35-40% on the 38% retrace.

I am attempting to form a trading strategy which can be automated.

This is not a finished product, and I do not recommend trading on this basis blindly.

Thanks for looking!

Comment

Update with the new long based on current state:

Comment

Keep an eye on the cycle -- we're a ways off for now though -- :)

Trade closed: target reached

So far so good. Easy Money

Comment

Its uncanny how easily this is making money.

blessmywork

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