Fibonacci Trading System Part 1

Speculation or investment is the best business in the world if you make a business of it. But in order to make a success of it you must study and be prepared and not guess, follow inside information, or depend on hope and fear. If you do, you will fail. Your success depends on knowing the right kind of rules and following them.


Trading is taking a chance (probability) and indicators tells us where to take a chance....

---

After reading articles and book on Opening Range Breakout, I tried to see whether this system will help me or not...

I am follower and believer of Fibonacci so I started using it for range breakout...

Also, I have seen that Fibonacci works well with Volume. So we will using Volume here too as it is the base of this system.

This system is for Amibroker... will it work with Metastock.. don't know.. as I dont know much about Metastock programming.

Also, this system can be applied for any timeframe..be it 5 min, 15 min, 30 min, 1 hr, daily, weekly....

Important things this system will let you know are:

1. Best support and resistance levels.
2. Best Stop loss.
3. Targets

Another important thing, which every trader wants to know is the time when the target will get achieved. I am working on it. Lets hope for the better.. but there is a thumb rule, which for the moment I will not share, for the time required to achieve the target. Later on we will discuss on it.

To get best result using this system, one should have knowledge of following things:

1. Fibonacci levels (well even a novice have it).
2. Importance of Volume.
3. Candlestick.