This indicator is the base of the Fibonacci indicator. However, unlike most other indicators that operate according to the Fibonacci indicator, this indicator does not display the forex Fibonacci levels; rather, it only gives the entry signals when necessary. This forex indicator is simplified and best even for forex beginners.
This indicator comes in a package of three neurons (fibonaccimystery1h.ex4, fibonaccimystery15m.ex4, and fibonaccimystery30m.ex4) programmed to work on different timeframes. For maximum profits, the trader should try these three indicators corresponding to the timeframe they are designated to be used. However, if you load, for example, the indicator fibonaccimystery1h.ex4 and you switch to the 15M chart timeframe, the indicator will still work but not as good as when the indicator fibonaccimystery15m.ex4 on the 15M chart timeframe.
This forex indicator is programmed for use with the major chart currency pairs, excluding the GBP/USD. However, the best results are obtained when used to trade the pair EUR/USD. This forex indicator will automatically not load in the mt4 currency pair charts with which it is not designed to be used for trading. If you try loading it on the pair EUR/CHF or any other currency pair that is not a major pair, the indicator won’t be displayed.
Fig.1. The Fibonacci Mystery forex indicator(fibonaccimystery1h.ex4) on EUR/USD currency.
This indicator displays ticks, Xs, and arrows. The color of the arrows varies between green and red. The red color arrow is displayed when there is a downtrend prediction, and the green color arrow is displayed when there is a marked upward trend prediction. The Xs and the tick’s color don’t change. The Xs are red in color, while the ticks are always green. These two act as a confirmation of the signal that is given by the indicator.
How to trade using the Fibonacci Mystery Forex indicator
Trading using the Fibonacci Mystery indicator is relatively easy, with the trader only being required to place a trade when the signals appear. However, the forex trader has to understand specifically when to put trades.
Trades should only be opened when the X, arrow, and tick are formed. If any of the three things is not formed, the forex trader should avoid opening any order despite the chance seems to be very tempting. If all of them are not formed, the entry signal is not confirmed, and the market can move in any other direction. Mainly, in such circumstances, the forex market prices will tend to move a bit in the direction of the arrow and then move a bit drastically in the opposite direction without an entry signal being given.
Placing sell orders: the sell entries should be placed when a red arrow is formed. Then there has to be a tick below the bars and an X.
Placing a buy order: buy entries are placed when a green color arrow is displayed, and there is an X and a tick.
After opening the orders, the trader has to place a stop loss. You should not wait until an opposite entry signal is formed since the indicator gives a signal when the market trend is confirmed, and by the time the opposite signal is being given, your order may be making losses.
When trading with the indicator fibonaccimystery1h.ex4, you should consider using a take profit of 30 pips and a stop loss(SL) at the previous lowest point. But if there is no lower point on the last day, use a stop loss of 20 pips.
Fig.2. Placing trades using the Fibonacci Mystery forex indicator.
When using the indicator fibonaccimystery15m.ex4, you should consider a take profit(TP) of 5 pips and a stop loss of 15pips.
indicator fibonaccimystery30m.ex4, you should consider using a take profit(TP) of 15 pips and a stop loss of 15 pips.
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Fibonacci Mystery Forex Indicator Free Download