I’ve opened this thread at the request of
many of my students as well as my Fibonacci thread readers that simply cant
trade Intraday or have the time to sit in front of the CPU trading every day,
whether it be a day job or time zone it doesn’t matter everyone still has the
opportunity to trade.
I’ve traded the Daily chart before in this
very same manner and the heart of it still Fibonacci. If you are unfamiliar
with Fibonacci you can read through my other thread and get the basics of trading
the breaks, bounces and rejections from fib levels.
Here
with this type method we will use a simple stochastic indicator to aid in
making the entry and sometimes the exit positions. The object of the Stoch is
to help verify that a bounce, rejection or break of the fib levels is
occurring.
We will also use a basic support and
resistance tactic as an entry and exit signal and use the fib levels as a
reference to where price is potentially heading.
As
soon as I can I will also make a quick video on the method here and post the
links here in this first post.
I would like to share with you a system that has consistently been successful for me, that I would like to call OzFx System.
What can You expect?
This system has a potential of banking 100-800+ pips per trade trading with Daily Chart.
Why Daily Chart?
As you could guess by now that this is not a 5 min scalping system. I believe in trading longer time frame simply because first of all rules of technical analysis hold true more often and second I don’t want to sit in front of pc all day long.
Think like this, most of us one day would like to be full time traders;
however it doesn’t mean that we spend all that time in front of PC.
I would rather go flying and playing golf. So I developed this system
thinking of long term and hence it is based on Daily Chart.
See It For Yourself:
Let’s see if you can spot the correlation between the indicator and the price action.
