The Motherfibber

The Motherfibber

by pangufx

This system is only for use with Eur/Usd.
1) Using a 4 hour chart, find a recent move that exceeds 81 pips.
2) Move down to a 30 minute chart, and draw a standard fibonacci retracement from high to low on a downmove or from low to high on a upmovement.
3) Place a pending buystop/sellstop order 2 pips above/below the extreme of the 30 min. bar that ended the upmove or downmove.
4) Set take profit for 10-15 pips or at the 38.2 Fibo level, whichever is smaller
5) Set stop loss 10-15 pips above/below the trend extreme of the 30 min bar. Acceptable stop loss is 30 pips or less.
6) If price exceeds the trend extreme bar before triggering your pending order, you must cancel your pending order and wait to start all over again.
7) If price triggers your order, and then goes against you past the trend extreme, but doesn't hit your SL, move your TP to +1 pips or breakeven.
8) Rinse and Repeat