Now let's get into the rules for the entry and the exit.
We have marked our potential reversal zones with horizontal lines.
Now we wait for the price to get inside those zones.
Once the market enters the zone, we start paying attention to CCI line.
For best entries:
CCI has to touch 95 level at the top before we start thinking of going short or 5 level before we start thinking of going long.
For a long entry:
Market is inside our zone between 0 and 12.5 % area of the last 2 week's range.
CCI has touched 5 level.
We draw a trend line on top of the CCI line connecting at least last 2 peak highs.
When that line gets crossed and gets below 10 level you wait for the H1 candle to close and CCI to stay above the trend line.
You enter long at the open of the next candle.
Your SL is below the low of the reversal zone, You TP is twice the SL or either 50% or 62.5% of the range between 0 and 100% .
Reverse this process for short entries.
For your long entry target, you will need to extend Fibo tool starting from the bottom of the range to the top to have correct 62.5% TP target.
62.5% has to be below 50% on the Fibo retracement tool.
For your short entry target, you will need to extend Fibo tool starting from the top of the range to the bottom to have correct 62.5% TP target.
62.5% has to be above the 50% on the Fibo retracement tool.
One way to get around this issue is adding 37.5% level in your Fibo tool and writing 62.5% in the description box for clarity.
That way you can extend the tool either way and still have 62.5% displayed at the right level.
If you're targeting 50% as your TP then it doesn't matter which way you extend the Fibo tool.
That is it. You're in the trade now.
Close your platform and go to the gym, take your dog for a walk, have a coffee with your partner or a friend , do whatever you like, just stay away from the screen. If you don't, you'll close your trade early and miss out on profits.
When the week is finished , repeat the process over the weekend. Simple!
Enjoy!
God bless!