# Little Old Lady v2 by @DaviddTech

Updated
Is A Fibonacci Trading Strategy Any Good? Does Fibonacci Retracement Tool work?

What is and How to trade Fibonacci in Forex and Stock Market Trading?

The Fibonacci retracement levels, which have been around for centuries, are used to determine whether the price is on an uptrend or a downtrend. Using this strategy allows you to trade stocks that have retraced at least 50% of the previous price. This strategy is most effective in trending markets and can be applied to a wide variety of asset classes, including Forex. This strategy is particularly useful for traders who are looking to maximize their returns.

In trading, you'll need to determine whether the price has retraced to a Fibonacci level. The levels you've chosen should be based on the previous trend's retracement. If you've decided to trade a trend, the best time to enter a position is on a level that is inside the Fibonacci range. The goal is to enter at the top of the retracement or sell at the bottom.

The first thing to do is analyze your charts. You should try to find retracement levels at support and resistance levels. In addition, you should always set a stop loss and take profit at the levels that are inside the range. Remember that retracements are the best times to open positions if they happen to be within the range. If you trade on a trend, you'll be looking for the breakout of the levels and profit.

In mathematics, the Fibonacci numbers, commonly denoted Fn , form a sequence, the Fibonacci sequence, in which each number is the sum of the two preceding ones. The sequence commonly starts from 0 and 1, although some authors omit the initial terms and start the sequence from 1 and 1 or from 1 and 2. Starting from 0 and 1, the next few values in the sequence are:

0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, . 1+1=2, 2+1=3, 3+2=5, 5+3=8, and so on. Here, each new number is sum of the 2 numbers before it.

Now, if you take any number from this sequence, and divide it with the next number, you will get a value of 0.618. Which is commanly know as the golden ratio is
Release Notes: Added a MAX % to RR. If Stoploss is > X trade will not be entered.
FIX : The missing EMA for the optimiser.
Release Notes: Many bug fixes including

Placeholders

ATR Stop fixed.

New HA overlay for confluence

Fixed : Max Margin = 100

Multi TP must be in order 1 2 3 or it will not activate Multi TP

More updates on the Change LOG on site, with full explanations .
Release Notes: Version 3.0.1 BETA of the boilerplate is finally here.
* Cleaner look.
* Better integration with API services.
* Faster signals.
* Recode of logic behind the BoilerPlate.
* RSI Improvement
* Move to Breakeven for Single TP
* MA Protection : If position closes below an MA exit all positions.
* Sessions and End of Session Close all trades.
* Multi TP select number of Levels
* Martingale logic for position size
* Confluence indicators have been improved and added too.
* DaviddTech BOT by Endless Margin has been integrate (Free API service).
* Mobile version of the dashboard.

I'm sure there is much more that I have forgotten to add.

Note : Due to a problem with TV I had to release this version earlier than expected. It is currently in BETA please play nice and send me any BUGS or Features you may find.

WARNING:
- For purpose educate only - My mission is to debunk fake strategies with code.
- Plots EMAs and other values on chart.
- This script may change bars colors.

✅💰⚡ Become part of the community get early get access here:
https://www.patreon.com/daviddtech
🔥Telegram Group:
https://t.me/DaviddTech
⚡ Videos & Tutorials :

♥ @DaviddTech
Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact daviddtech for more information, or follow the author's instructions below.

Please note that this is a private, invite-only script that was not analyzed by script moderators. Its compliance to House Rules is undetermined. TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.

Disclaimer