8# Trendline Candlestick pattern with Fibo Trading System

Fibonacci levels with Candlestick

Submit by Janus Trader (source http://firmaforexstorage.blogspot.it/2010/03/m-candle-indicator.html) 29/03/2012


This system uses trendline, candlestisck pattern with Fibo ..
trade carried out at point C by using a 6 instead of candlestick pattern ...

step by step 

trendline drawn to determine the trend set point A and B.

point C is a retracement from A to B on the Fibonacci level (38.2, 61.8, 76.4)

entry ...
where candlestick pattern has formed on the point C
on Uptrend:
A. bullish Engulfing
2. Tweezer Bottoms
3. Morning Star

On a downtrend:
A. bearish Engulfing
2. Tweezer Top
3. Evening Star

stop loss
below the trendline (10 pips + spread below the candle C) on the uptrend
above the trendline (10 pips + spread above the candle C) on a downtrend.


Profit Target to find point D
If the point C on AB retracement level is 38.2 or 61.8 then D  level of161.8,
if the retracement point C at the budgeted level of 76.4 D at 127 level.


In the pictures Trandline Candlestick pattern with Fibo forex system in action.

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Comments: 0
Forex Indicator AutoFibAutoTrend: indicator tools Very good!!
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