斐波那契+5WMA (Fib+5WMA)

I am starting this thread to share this strategy with all other members, and also want to make it more powerful and successive method with the help of other’s.

I am using this strategy and got good results so far. This is not basically my own method, I got it from some other link written by Mr. Edward. I really appreciate his work and efforts to teach other’s and make them good traders.
Let’s move to the setup.

Trading setup:
Time frame: M15-M30-H1
Currency pairs: any.
Indicators: 5 WMA

Rules:

First Look for recent swing high / low to draw Fibonacci. Always draw in the direction of the trend. I use 50 SMA to determine the trend direction for M 15 chart. If price is above 50 SMA it means bullish if below it means bearish.

After drawing Fibonacci AB wave in the direction of trend wait for the retracement.

For retracement there are some rules to follow:

 

1. The price must touch 5 WMA.
2. The price must at least touch 0.382 Fibonacci retracement level.
3. The 0.618 Fibonacci retracement level must not fail.

Entry:

After the rules look for valid retracement level.

Buy when after retracement candle clearly close above 5 WMA.
Sell when after retracement candle clearly close below 5 WMA.

Stop order
Always place stop loss 5 pips above / below 61.8 level.
When taking 61.8 retracement use stop loss at 5 pips above / below 78.6.

Profit target
I use FE 100.0 for TP 1 and FE 161.8 for TP 2.
You can also set your profit target at FE 127.0.

Note:
Always risk only 2-3 % of investment.

All comments and suggestions will be appreciated.
If anybody has tips to make it more successive then please share.

Participation of Users:

On the suggession of Freedomsg i am adding a Indicator called G7, it can be used to identify the trend direction. When 1 pair is above +1 it is strong and when one pair is -1 it is weak so then we start look for setup on that pair. I attach a chart and try to describe everything.

Charts:
I am posting my recent Eur/usd, Eur/Jpy charts to show the entry points and profit targets, on my charts blue line is 50 SMA and white line is 5 WMA vertical line is showing entry point. On second chart of eur/usd, eur/jpy both showing profit targets hit and also showing next valid wave setup in red color.