What we required?
1) Two stochastic slow indicator with setting Red (14, 3, 3) and Green (5, 3, 3).
2) Fibonacci with level 200, 176.4, 161.8, 150, 138.2, 123.6, 100, 76.4, 61.8, 50, 38.2, 0, -23.6, -38.2, -50, -61.8, -76.4, -100.
3) Three different time Forex chart 30M, 1H and 4H.
Set-up (use GMT 00:00 and 24:00)
Draw Fibonacci line from the previous day's low to the high and draw it so the level lines extend into today (Yesterday is between 0:00 GMT and 24:00 GMT). Always Fibonacci level 0 should be at low and Fibonacci level 100 should at high. Don’t consider market trend while drawing Fibonacci line, just draw from low to high.
Entry (Use 1H for identify Entry)
Long: Look for the price to break the 100 level of the Fibonacci not just touches it. At the same time both or (14, 3, 3) stochastic should be above 76.4 level. If the above conditions are fulfilled then check 30M and 4H chart and if both are above / near 76.4 then it is best. At least 4H should be above / near 76.4.
Stop for Long: Set the stop at the 50, 38.2, 23.6 or 0 level with 3-5 pips extra and add your spread in. I recommend the 23.6 level or 38.1 level but it depends on the pips involved.
Exit for Long: Always exit from long trade at breakout of 200 Fibonacci level or when stochastic 14, 3, 3 crosses back 76.4 downside.
Examlpe: Here is 1H Forex Chart
This is 30M Forex Chart
Here is 4H Forex Chart
Short: Look for the price to break the 0 level of the Fibonacci not just touches it. At the same time both or (14, 3, 3) stochastic should be below 23.6 level. If the above conditions are fulfilled the check 30M and 4H chart and if both are below / near 23.6 then it is best. At least 4H should be below / near 23.6.
Stop for Short: Set the stop at the 50, 61.8, 76.4 or 100 level with 3-5 pips extra and add your spread in. I recommend the 61.8 level or 76.4 level but it depends on the pips involved.
Exit for Short: Always exit from short trade at breakout of -100 level or when stochastic 14, 3, 3 crosses back 23.6 upside.
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