FIBONACCI MYSTERY INDICATOR

FIBONACCI MYSTERY INDICATOR

This indicator is the basis of the Fibonacci indicator. However, unlike most other indicators that work in accordance with the Fibonacci indicator, this indicator does not display Fibonacci levels, but only gives signals when necessary. The indicator is simplified and the best even for Forex beginners.

This indicator is included in a package of three indicators (fibonaccimystery1h.ex4, fibonaccimystery15m.ex4 and fibonaccimystery30m.ex4) that are programmed to work on different timeframes. In order to maximize profits, the trader should try to ensure that these three indicators match the timeframe on which they are intended to be used. However, if you, for example, download fibonaccimystery1h.ex4 and switch to the 15m timeframe, the indicator will still work, but not as well as with fibonaccimystery15m.ex4 on the 15M timeframe.

This indicator is programmed for use with major currency pairs, excluding GBP / USD. The best results, however, are achieved when EUR / USD is used for trading. The indicator will not be automatically loaded into the charts of currency pairs with which it is not intended for trading. That is, if you try to load it on EUR / CHF or any other currency pair that is not a major, the indicator will not be displayed.

This indicator displays ticks, crosses, and arrows. The color of the arrows varies from green to red. The red arrow is displayed when predicting a downtrend, and the green arrow is displayed when predicting an uptrend. The color of the cross and the check mark do not change. Crosses are red, and ticks are always green. They work as confirmation of the signal that the indicator gives.

Trade rule:

The deal should be entered only when formed arrow and cross. If any of the three elements are not formed, the trader should avoid placing orders even though this entry seems accurate. If all of them are not formed, it means that the signal is not confirmed and the market can move in any direction. Mainly, in such circumstances, market prices will tend to move slightly in the direction of the arrow and then move sharply in the opposite direction without a signal.

Placing sell orders: sell orders should be placed when the red arrow is formed. Then, under columns needs to be checked and cross.
Placing a buy order: buy orders are placed when a green arrow is displayed and there is a cross and a check mark.

After placing orders, the trader must place stops. You should not wait for the formation of the opposite signal, as the indicator gives a signal when the trend is confirmed, and by the time the opposite signal is given, your order can make losses.
When trading with fibonaccimystery1h.ex4 you should consider using a take profit of 30 pips and a stop loss at the previous low point. But if there is no lower point on the previous day, use a stop loss of 20 pips.
When using fibonaccimystery15m.ex4, you should consider a take profit of 5 pips and a stop loss of 15 pips.
fibonaccimystery30m.ex4, you should consider using a take profit of 15 pips and a stop loss of 15 pips.