Fibo Trading System

This indicator is for those trading Engulf Candles – Bearish and Bullish.

It can also be used in conjunction with another trading system. What it does is that you can use it to measure a candle for a Risk Reward 1: 1 for an easily attainable target.

When attached to a chart, it picks on any current candle on the chart but if you want to use it with another candle, you will have to change the ‘0’ default value for current candle in the parameter setting to any value to get the candle position beginning with ‘1’ for the previous candle and count backward as you want. For instance, if you want to use it with fifth candle backward, the value will be 4, beginning with ‘0’ as the first candle which is the current candle. I do hope this is understandable enough for anyone.

When attached, it will draw lines on the candle specified in the parameter setting and each line will show its label:

• First line is the Entry for a trade on the Engulf Candle which is the close of the Engulf candle or it may be the open price of the next candle if there is no gap.
• Second line is the Stop-loss at the low or high of the Engulf candle
• Third line will show breakeven area to turn your trade to risk-free
• Fourth line shall be located at the tip of either low or high of the Engulf candle to provide double size of the Engulf candle for a Risk Reward 1:1

***Another amazing thing about this indicator is that it can be modified or adjusted by clicking on it and drag it whichever way you want or on any candle to change candle position.

Feel free to experiment with this wonderful indicator, it is the embellishment of the Fibonacci indicator, you can even use it with trend but with extra care depends on what you want to achieve with your trading.

Wishing you a wonderful experience as you use this indicator.

Cheers