How it Works: Once the Price Hits the 1 or -1 Fibonacci Level and bounces a little bit, It checks the RSI if Over Bought or Over Sold According to 30 - 70. If both conditions are satisfied, it triggers a Long or Short Positions.
Further Notes: - I have put a Stop-loss with a 2% just for further upgrades. - Not advised to use in High Volatility Markets. - No Repaint was observed during a 2-Weeks Tests.
If you have any suggestions or modifications please contact to add. If you have observed any bad behavior please contact to fix.
@MohamedYAbdelaziz very nice strategy. However, the frequency of trades is very less. I observed that when I use it in the 1 minute timeframe, I barely get any short signals. Which timeframe according to you works best for this strategy?
MohamedYAbdelaziz
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@artisticUnicor46244, I personally use this on all the daily time frames as stated in the description, the most profitable is the 30 minutes, then the 5 minutes.
From my perspective the number of trades doesnt matter as long as you stay in the green, that's why the strategy rules are a little bit tough which results in some fewer trades with higher probability.
mhmmdfauzi
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Really good strategy man! but sometimes the stoploss doesnt work, there are few trades with -3to-5% altough i set the sl to 0.5%. Any idea?
MagicShawnson
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@mhmmdfauzi, I'm sorry I thought i got the Solution edited on: 23.06.2023
Today, I added in the Banknifty (India) but nothing is showing. Can you please help for me it is really appreciable.
MohamedYAbdelaziz
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@deveshverma0493, Hey, I haven't tested this on the stock market to be frank, since i rarely do trade on that. but it seems to be working fine in popular stocks like apple and microsoft n so on..
probably its a little bit strict in the rules that this particular stock has not met for the past few months.. but i will take a look on that.
VENKNUNE
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@MohamedYAbdelaziz,
It is really good, i checked it for BankNifty, it is not showing anything. I think there is some problem in using VWMA, if you change to EMA or WMA it is working but it not as expected. So, can you help to add VWMA to add NSE.
4ba94e636ce44151aacf39d7234053
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@MohamedYAbdelaziz, HI Mohamed. Gr8 script. However i found very very less trades. on both 1 min/5min and 15 min charts. Around 3-8 trades in a month. Is that normal? Yes you are right. good profit ratio.
secondly, as said by devesh, unable to get trades for index - i noticed for both indian(nifty/niftybank) and US(Dow/S&p) is that bug? appreciate if you can help
SanjivJoshi
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What a Awesome strategy . I have done some changes in reading of parameters and expecting non repaint. May Allah reward you for your good deed to help others. Lots of love & Blessings.