I recommend selecting a Broker in FOREX RATING terminal Metatrader 4.
Explain the Forex Day Open Fibo strategy Example:
Suppose that the opening day of the pair GBPUSD 1.6447
To determine critical levels calculated using the static Fibonacci -Add these numbers and subtract them from the opening of the market price on that day:
We get the following levels:
HL1 = 1.6447 + 0.0034 = 1.6481
HL2 = 1.6447 + 0.0089 = 1.6536
HL3 = 1.6447 + 0.0144 = 1.6591
HL4 = 1.6447 + 0.0233 = 1.6680
HL5 = 1.6447 - 0.0034 = 1.6413
HL6 = 1.6447 - 0.0089 = 1.6358
HL7 = 1.6447 - 0.0144 = 1.6303
HL8 = 1.6447 - 0.0233 = 1.6214
Indicator Forex DayOpenFib.mq4, calculates and draws the data levels on the chart, it is necessary to impose on the graph 2 times:
First time set the up = true (building levels above the opening price)
The second time - up = false (building levels below the opening price).
For ease of installation can download Metatrader 4 forex template for this strategy, along with an indicator at the end of the strategy.
Forex Strategy Day Open Fibo
To enter the market, you need to install 3 pending orders to buy and 3 sell orders pending, after the opening of the new trading day:
1) Set 3 orders Buy Stop lots equal to HL1 level strahovochnyystop-loss is placed at the level of the opening of the trading day (red line).
profit objectives of the following: TP1 = HL2, TP2 = HL3, TP3 = HL4.
2) Install 3 Sell Stop order to HL5 level, a safety stop-loss is placed at the level of opening of the trading day (red line).
profit objectives of the following: TP1 = HL6, TP2 = HL7, TP3 = HL8.
3) If the first load pending order Buy Stop There are 2 options:
a) transfer the Sell Stop order at the level of the opening of the trading day, and the levels of profit-loss istopit shifted one SL = HL1, TP1 = HL5, TP2 = HL6, TP3 = HL7. The converse is true for the case when the first load Sell Stop order.
Once achieved the goal of profit TP1, reinstall the remaining 2 orders to breakeven. Once the objective of the TP2 - reposition the stop-loss order at TP1.
b) transfer the Sell Stop order at the level of the opening of the trading day, and the stop-loss order SL = HL1. A 3 profit targets are now taking the first level of profit, ie, TP1 = TP2 = TP3 = HL5
Additional conditions:
Optionally, at first triggered a pending order of the day - set the trailing stop at 3 orders magnitude of 40-45 points.
Does not work orders are deleted at the end of the trading day.
If at the end of the day were not closed orders - they should be closed at the market price.
Based on their test last month - September 2009 (1 to 18 numbers inclusive) profit amounted to:
case «a)» - about 1400 pips! - A risky way to trade.
case "b)" - over 1200 pips! - A more conservative way to trade.
