ok by now you should have set up your HIGH and LOW levels from monday and applied your altered FIBONACCI RETRACEMENT levels to give you your ENTRY and STOP LOSS LEVELS....GOOD...now for the rest of the rules,
ok..........how many times have you set a stop loss level only for a huge spike to take you out of a trade and then retrace to where you "knew" it was going to go(cough cough),but seriously we have all been stung by a spike or two,so just for a change why dont we use those dam spikes in OUR favour for a change,yes lets use them to our advantage........so here is what we do on this system/method.........
ENTRY RULES..........we have our entry level set with our fibonacci retracment,but rather than enter when price first crosses ,we wait until we have a close above/below on a 30 minute chart,now this may take us anything from 5 pips to 50 pips above/below our fibonacci level,but in the long run it is more profitable to maybe lose 30 pips on the entry to the trade rather than lose 30 pips on a spike entering us in a trade then retracing and hiting our stop loss(SO ENTRY RULES..WAIT FOR CLOSE OF CANDLE ON 30 MIN CHART THAT IS ABOVE/BELOW OUR FIBO LEVEL)
STOP LOSS LEVELS............AS ABOVE we wait for a close ABOVE/BELOW our stop loss level,again it seems better in the long run to lose a few more pips rather than getting stopped out by a "stop loss hunting spike"
EXIT.......ah the all important "exit" we can all get into a trade but when the hell do we get out.................well for this system/method.......thats easy..........close of trade on a friday.................see i told you it was easy
