Scalping with Parabolic SAR and Fibonacci

Fibnacci Retracement

ForexStrategiesResources

Apply 2 Parabolic SAR to a 1 min EUR/USD chart.

1st ones settings = 0.02 & 0.2

2nd ones settings = 0.005 & 0.05

I only trade EUR/USD since I get a 1.5 pip spread at .

I only trade from 4amEST-6amEST.

I only trade in the direction of the 0.005 & 0.05 PSAR.

LONG

When price breaks
up through the 0.02 & 0.2 PSAR you
draw a Fibonacci retracement

from the closest last significant low (before pirce broke
PSAR)

to the high of the bar that broke the PSAR.

This gives you your PROFIT TARGET at 161.8% Level

and your ENTRY ar 50% level

STOP = Last Signifcant low -2 Pips

SHORT

When price breaks down through the 0.02 & 0.2 PSAR you draw a Fibonacci
retracement

from the closest last significant high (before pirce broke PSAR)

to the low of the bar that broke the PSAR.

This gives you your PROFIT TARGET at 161.8% Level

and your ENTRY ar 50% level

STOP = Last Signifcant high +2 Pips

SIMPLE MM VARIATION.

LONG

When price breaks up through the 0.02 & 0.2 PSAR you draw a Fibonacci
retracement

from the last significant low (before pirce broke PSAR)

to the high of the bar that broke the PSAR.

This gives you your ENTRY @ 50%.

PROFIT TARGET = +9 Pips

STOP = -8 Pips

SHORT

When price breaks down through the 0.02 & 0.2 PSAR you draw a Fibonacci
retracement

from the last significant high (before pirce broke PSAR)

to the low of the bar that broke the PSAR.

This gives you your ENTRY @ 50%.

PROFIT TARGET = +9 Pips

STOP = -8 Pips

Share your opinion, can help everyone to understand the forex strategy.

• Platform: Metatrader4
• Currency pairs: Any pairs, indices and metals
• Trading Time: Around the clock
• Recommended broker: icmarkets, XM
• How to install MT4 indicator?
• 1. On the desktop, double-click to open the MT4 trading platform software you installed.
• 2. Click on “File” – “Open Data Folder” in the upper left corner, double-click the MQL4 folder, and double-click the Indicators folder
• 3. Copy the metrics you need to install to the Indicators folder
• 4. Open MT4, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
• 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window