8# Trendline Candlestick pattern with Fibo Trading System
Fibonacci levels with Candlestick
Submit by Janus Trader (source http://firmaforexstorage.blogspot.it/2010/03/m-candle-indicator.html) 29/03/2012
This system uses trendline, candlestisck pattern with Fibo ..
trade carried
out at point C by using a 6 instead of candlestick pattern ...
step by step
trendline drawn to determine the trend set point A and B.
point C is a retracement from A to B on the Fibonacci level (38.2, 61.8, 76.4)
entry ...
where candlestick pattern has formed on the point C
on Uptrend:
A. bullish Engulfing
2. Tweezer Bottoms
3. Morning Star
On a downtrend:
A. bearish Engulfing
2. Tweezer Top
3. Evening Star
stop loss
below the trendline (10 pips + spread below the candle C) on the uptrend
above the trendline (10 pips + spread above the candle C) on
a downtrend.
Profit Target to find point D
If the point C on AB retracement level is 38.2 or 61.8 then D level of161.8,
if the retracement point C at the budgeted level of 76.4 D at 127 level.
In the pictures Trandline Candlestick pattern with Fibo forex system in action.
Share your opinion, can help everyone to understand the forex strategy.
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