Fibonacci Value Area Strat
Updated
0) This strategy is designed for the NQ 5 minute candles. The Value Area is defined as 70% of the previous day's volume profile with 24-tick-per-block sizing. The maximum number and size of entries will be defined by the Expert Advisor
1) The previous day VAH/VAL is defined by your orderflow suite
2) The Fibonacci extension is drawn, with VAL defined as 0.0% and VAH defined as 100.0%
3) No trade happens until price crosses the 138.2% OR -38.2% Fibonacci prices
4) Say the 138.2% price is breached, the expert advisor would watch to see if NQ closes above the 161.8% or closes below the VAH
4a) If NQ closes below VAH then we short the NQ. Stop loss is 138.2% and the Take profit is the VAL below.
4b) If NQ closes above 161.8% then we go long. Stop loss is also 138.2% and the Take profit is 238.2%.
5) If the -38.2% price is breached, then the expert advisor would watch to see if NQ closes below -68.1% or closes above te VAL
5a) If NQ closes below -61.8% then we go short. Stop loss is -38.2% and the Take Profit is -138.2%
5b) If NQ closes above VAL then we go long. Stop loss is also -38.2% and the Take Profit is VAH.
With all - the entry price should not exceed the take profit price
1) The previous day VAH/VAL is defined by your orderflow suite
2) The Fibonacci extension is drawn, with VAL defined as 0.0% and VAH defined as 100.0%
3) No trade happens until price crosses the 138.2% OR -38.2% Fibonacci prices
4) Say the 138.2% price is breached, the expert advisor would watch to see if NQ closes above the 161.8% or closes below the VAH
4a) If NQ closes below VAH then we short the NQ. Stop loss is 138.2% and the Take profit is the VAL below.
4b) If NQ closes above 161.8% then we go long. Stop loss is also 138.2% and the Take profit is 238.2%.
5) If the -38.2% price is breached, then the expert advisor would watch to see if NQ closes below -68.1% or closes above te VAL
5a) If NQ closes below -61.8% then we go short. Stop loss is -38.2% and the Take Profit is -138.2%
5b) If NQ closes above VAL then we go long. Stop loss is also -38.2% and the Take Profit is VAH.
With all - the entry price should not exceed the take profit price
Note
There will be no more than three losing trades in a row in one session
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