Fibonacci Extension Strt Strategy

l’altro ieri

Core Logic and Steps:

• Weekly Trend Identification:
  

Find the last significant Higher High (HH) and Lower Low (LL) or vice-versa on the Weekly timeframe.

Determine if it's an uptrend (HH followed by LL) or a downtrend (LL followed by HH).

Plot a Fibonacci Extension (or Retracement in reverse order) from the swing point determined to the other significant swing point.

• Weekly Retracement Levels:
  

Display horizontal lines at the 0.236, 0.382, and 0.5 Fibonacci levels from the weekly extension.

Monitor price action on these levels.

• Daily Confirmation:
  

When price hits the Fib levels, examine the Daily chart.

Look for a rejection wick (indicating the pull back is ending) on the identified weekly retracement levels.

Confirm that the price is indeed starting to continue in the direction of the original weekly trend.

• Four-Hour Entry:
  

On the 4H timeframe, plot a new Fib Extension in the opposite direction of the weekly.

If it's an uptrend, the Fib is plotted from last swing low to its swing high. If the weekly trend was bearish the Fib will be plotted from last swing high to the swing low.

Generate an entry when price breaks the high of that candle.

• Trade Management:
  

Entry is on the breakout of the current candle.

Stop Loss: Place the stop loss below the wick of the breakout candle.

Take Profit 1: Close 50% of the position at the 0.5 Fibonacci level. Move the stop loss to breakeven on this position.

Take Profit 2: Close another 25% of the position at the 0.236 Fib level.

Trailing Take Profit: Keep the last 25% open, using a trailing stop loss. (You'll need to define the logic for the trailing stop, e.g., trailing stop using the last high/low)



How to Use in TradingView:

1. Open a TradingView Chart.
   
3. Click on "Pine Editor" at the bottom.
   
5. Copy and paste the corrected Pine Script code.
   
7. Click "Add to Chart".
   
9. The indicator should now be displayed on your chart.
   

ieri

Note di rilascio

The Pine Script implements your strategy's logic:

Weekly Trend Determination: Identifies the trend direction.
Fibonacci Levels Calculation: Plots 0.5, 0.382, and 0.236 levels based on last HH/LL.
Daily Pullback Confirmation: Checks for pullback wicks at key levels.
4-Hour Entry Signal: Confirms green candle closing above red retrace candle.
Entry, Stop Loss, and Take Profit: Configurable placeholders for risk management.
You can refine this script further, particularly for stop-loss and take-profit levels. Let me know if you'd like assistance adjusting any part!