Intraday Technique - Bouncing FIBO II

Realizing the first Bouncing FIBO is a hard to do which need good analysis to determine the reversal point....not recommended for novice trader....So I try to observe other technique which still a reversal type in intraday timeframe.

I've come to Bouncing FIBO II which still rely on studies from TOS Script to help us identify Entry & Exit.

There are 2 scripts used which are:

1. Auto Fib for OR (=Opening Range)
2. Three Bars Reversal
3. Stochastic Crossover Signal

Script #1 :

# Automatic Opening Range and Fibonacci Levels
# By Prospectus @ http://readtheprospectus.wordpress.com
# Inspired by Trader-X @ http://traderx.blogspot.com

def na=double.nan;

input ORBegin = 0930;
input OREnd = 1000;
Input FibExt1=1.382;
Input FibExt2=1.621;

input ShowTodayOnly={"No", default "Yes"};
def s=ShowTodayOnly;

input ShowFibExt2={default "Yes", "No"};
def sf2=ShowFibExt2;

Def ORActive = if secondstilltime(OREnd)>0 AND secondsfromtime(ORBegin)>=0 then 1 else 0;

def today=if s==0 OR getday()==getlastday() AND secondsfromtime(ORBegin)>=0 then 1 else 0;

Rec ORHigh = if ORHigh[1]==0 or ORActive[1]==0 AND ORActive==1 then high else if ORActive AND high>ORHigh[1] then high else ORHigh[1];
Rec ORLow = if ORLow[1]==0 or ORActive[1]==0 AND ORActive==1 then low else if ORActive AND low

Def ORWidth = ORHigh - ORLow;
Def fib_mid = (ORHigh+ORLow)/2;
Def fib_ext_up1 = ORHigh + ORWidth*(FibExt1 - 1);
Def fib_ext_down1 = ORLow - ORWidth*(FibExt1 - 1);
Def fib_ext_up2= ORHigh + ORWidth*(FibExt2 - 1);
Def fib_ext_down2 = ORLow - ORWidth*(FibExt2 - 1);

Plot ORH=if ORActive OR today<1>
Plot ORL=if ORActive OR today<1>
Plot FibMid=if ORActive OR today<1>
Plot FibExtUp1=if ORActive OR today<1>
Plot FibExtDown1=if ORActive OR today<1>
Plot FibExtUp2=if ORActive OR today<1>
Plot FibExtDown2=if ORActive OR today<1>

ORH.setdefaultcolor(color.green);
ORH.setStyle(curve.Long_DASH);
ORH.setlineweight(3);
ORL.setdefaultcolor(color.red);
ORL.setStyle(curve.Long_DASH);
ORL.setlineweight(3);
FibMid.setdefaultcolor(color.gray);
FibMid.setStyle(curve.SHORT_DASH);
FibMid.setlineweight(3);
FibExtUp1.setdefaultcolor(color.green);
FibExtUp1.setStyle(curve.SHORT_DASH);
FibExtUp1.setlineweight(2);
FibExtDown1.setdefaultcolor(color.red);
FibExtDown1.setStyle(curve.SHORT_DASH);
FibExtDown1.setlineweight(2);
FibExtUp2.setdefaultcolor(color.green);
FibExtUp2.setStyle(curve.SHORT_DASH);
FibExtUp2.setlineweight(1);
FibExtDown2.setdefaultcolor(color.red);
FibExtDown2.setStyle(curve.SHORT_DASH);
FibExtDown2.setlineweight(1);


Script #2 :

#Three Bars Reversal
#From thinskscripter forum

def threeBarUp = if close > high[1] and (high > high[2] or high > close[2]) and (high > high[3] or high > close[3]) then 1 else 0;
def threeBarDown = if close < low[1] and (low < low[2] or low < close[2]) and (low < low[3] or low < close[3]) then 1 else 0;

rec upDownFlag = if threeBarUp then 1 else if threeBarDown then 0 else upDownFlag[1];

plot upSignal = if threeBarUp and upDownFlag[1] then Min(low, low[1]) else Double.NaN;
plot downSignal = if threeBarDown and upDownFlag[1] then Max(high, high[1]) else Double.NaN;

upSignal.SetStyle(Curve.POINTS);
upSignal.SetLineWeight(1);
upSignal.SetDefaultColor(Color.WHITE);

downSignal.SetStyle(Curve.POINTS);
downSignal.SetLineWeight(1);
downSignal.SetDefaultColor(Color.WHITE);

• 1 day 2 minutes
• Slow Stochastic (10,10)
• MACD (12,26,9)
• Vortex (14)
  

The Rules :

Entry

• CALL : when "Blue" dot touch the lines (OR Hi/Lo/Mid or Fib Ext 1/2)
  
• PUT : when "Red" dot touch the lines (OR Hi/Lo/Mid or Fib Ext 1/2)

Exit (Target Profit)

• Because we want consistent profit, we take profit above/below our "Entry" line (the nearest line, depends on what you are playing...e.g. if "CALL" you Exit at the line above your "Entry" line, vice versa for the "PUT").
  

Stop Loss

• I let you determine by yourself for the cut loss level.
  

The figures are:





















Entry:
When "Blue" dot appears at the OR Hi (=Opening Range Hi) --> $211.04

Exit:
Sell a limit order at $212.48 (Fib Ext 1)

It's simple use of this technique.

Enjoy your trading....