Scalping with Parabolic SAR and Fibonacci
- This topic has 5 replies, 2 voices, and was last updated 4 years ago by
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The rules are:
- Apply 2 Parabolic SAR to a 1 min EUR/USD chart.
- 1st ones settings = 0.02 & 0.2
- 2nd ones settings = 0.005 & 0.05
- I only trade EUR/USD since I get a 1.5 pip spread at .
- I only trade from 4amEST-6amEST.
- I only trade in the direction of the 0.005 & 0.05 PSAR.
LONG
When price breaks up through the 0.02 & 0.2 PSAR you draw a Fibonacci retracement
from the closest last significant low (before pirce broke PSAR)
to the high of the bar that broke the PSAR.
This gives you your PROFIT TARGET at 161.8% Level
and your ENTRY ar 50% level
STOP = Last Signifcant low -2 Pips
SHORT
When price breaks down through the 0.02 & 0.2 PSAR you draw a Fibonacci retracement
from the closest last significant high (before pirce broke PSAR)
to the low of the bar that broke the PSAR.
This gives you your PROFIT TARGET at 161.8% Level
and your ENTRY ar 50% level
STOP = Last Signifcant high +2 Pips
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Attached is the original picture of the strategy, will do the indicator now.
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I coded an indicator that synthesize the rules, you can download it directly from the library: Scalping with Parabolic SAR and Fibonacci
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