Scalping with Parabolic SAR and Fibonacci
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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.
JMat45 thanked this postI coded an indicator that synthesize the rules, you can download it directly from the library: Scalping with Parabolic SAR and Fibonacci
JMat45, GraHal and Marlaynicolas thanked this post
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Topic Details
| Forum: | ProBuilder: Indicators & Custom Tools |
| Language: | English |
| Started: | 08/26/2019 |
| Status: | Active |
| Attachments: | 2 files |