TRO_DYNAMIC_FIBSSR

[TheRumpledOne]

Nice work - good job!

Looks like you win at least 3 out of 4 times!!

[Susana]

Any gifted talented kind soul that can convert this work to TS?

The little people would appreciate it

Susana

[TheRumpledOne]

I think I fiqured out the best way to use the TRO Dynamic FIBS SR for Forex trading.

1) Wait for the 5 minute candle to make a new dynamic support or resistance level AND then wait for the candle to close.

2) If new support, go long within 2 pips of the Dynamic SR level if the price is supporting and then put in a 4 - 5 pip stop loss. If new resistance, go short within 2 pips of the Dynamic SR level if the price is resisting and then put in a 4 - 5 pip stop loss.

3) If the price moves your way, look for the price to retrace 23%, 38%, 50%, 61%, 78%. Be ready to exit with a profit if price reverses.

4) The trick is in the waiting. If the price is moving your way, wait for the 5 minute candle to close UNLESS it reverses hard.

My goal is to make 6 gross pips. Once the price moves my way 6 pips, I move my stop to entry price +/- 2 pips to lock in a breakeven trade. Note: I use EFX Group and trade USDJPY now. I make money with a 2 pip gross profit. I could take the 6 pips but then I may miss out on a nice run.

The hardest part is the waiting. Waiting for that 5 minute candle to close. If you want to 10 pip or more trades, you have to wait. Just look at the chart and you'll see you may have to wait 10 or more minutes to collect the lion's share of the run.

[Lynx]

If I may ask why did you choose to trade the USDJPY instead of other pairs? Any particular reason?

[TheRumpledOne]

More bang for the buck.

You can buy more Yen for a buck than pound or euro.

USDJPY average pip range per hour is 21 pips. Plenty of volatility.

[moneymarkets]

When I put the DynamicFibsSR backtested to verify , I get error on line 7
SyntaxError: illegal character: #region Longs???
Can anyone help me with this?
Thanks

[rdhtci]

The trigger was the bar before the bar with the dot. You should be prepared to enter on the bar with the dot before that bar starts building.

What happened on 'the bar before the bar with the dot' to supply the trigger?

IOW what told us that the bar with the dot was coming next and to be ready to enter?

Thanks,
'
Rob

[stationmichal]

Hi TRO,
Please modify this indicator to diplay similar to the Meta4 TRO_SR_RR.
Thank you very much.

[TheRumpledOne]

Hi TRO,
Please modify this indicator to diplay similar to the Meta4 TRO_SR_RR.
Thank you very much.

HUH?

I don't think I'll be modifying either one because they work just fine.

[razorboy]

Anyone still following this thread (other than TRO)?

Been playing with these a lot (forex) - have seen the good, the bad and the ugly.

I have run the stats (and played in real time) based off of shorting off the highs and buying on the lows in forex - those can get pretty ugly - and unless you are working with tick data for back testing, you are not getting an accurate picture - price whips back and forth a lot during those 5 minute (or even one minute) bars - plus you need the reflexes of a cat ( to either do a market order or set up a resting order - if your broker will let you set a resting order that close to price - FXCM has a 5 pip limit - and then if you use resting orders, you need to predict your entry price) and a perfect fill each time (no technical issues, slippage, etc)

Has anyone tried using these line to catch break outs?