JPYTraderSR
- Göstergeler
- Courage Sampson Orji
- Sürüm: 1.2
- Güncellendi: 5 Haziran 2023
- Etkinleştirmeler: 10
JPYTraderSR is a simple support and resistance indicator with Fibonacci retracement and extension levels added to provide even more trade signal confluence.
It provides extra confirmations by indicating support and resistance levels shaping the market structure at any given time, in relation to harmonic trade concepts facilitated by Fibonacci ratios.
The JPYTrader Expert Advisor (v1.0) utilizes an older version of this indicator (v1.0), which in turn leads to fairly accurate price action retracements. The latest version (1.2) is used in version 1.1 of that Expert Adviser. Please see for more details.
There are no settings provided for this indicator, however, JPYTrader is an excellent tool for trading Fibonacci strategies.
TRADING
Most Fibonacci trading strategies utilize the Golden ratio (0.618) for determining viable trade entries and exits. For instance, both trend continuation and reversal detection strategies are possible with JPYTraderSR.
For trend continuation strategies, when price action bounces off the 61.8 level, and close above or below this level, then consider taking a long or short position respectively.
For trend reversal strategies, when price action crosses the 61.8 and 50.0 levels, tests the 38.2 level and closes above or below this level, then consider taking a long or short position respectively.
For trend reversal strategies, the trading position should be in the revers direction of the prevailing trend.
Several other strategies may be adopted from this indicator. For instance, taking long )BUY) positions when a new support level is formed at the 0.00 level of a down trend - and taking short (SELL) positions when a new resistance level is formed at the 0.00 level of an up trend.
For this latter strategy, each Fibonacci level serves as a potential trade exit (TP), while the risk margin (SL) can be a fairly small distance from the trade entry (200 - 400 PIPs). This can provide excellent "sniper" entry trades.
FUTURE ROADMAP
- Add trade signal alerts.
- Add setting for Fibonacci period.