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Fractals used in conjunction with other technical analysis tools can provide reliable signals to buy and sell currencies. According to the trading rules, the stop loss was placed 3 pips above the fractal candle at 1.3975.
Simple and versatile, fractals can be used as a stand-alone indicator or in combination with other Forex indicators. Bill Williams also gives us his approach to using fractals in trading, which we are going to highlight here as well. Since fractals highlight points at which price failed to hold and therefore reversed, it is logical that once price beats its old fractal, there is a new strength coming. Setting a trade at the breakout point is an obvious and simplest application of the Fractals indicator.

Fractals indicator makes it easy to identify and connect the most significant tops and bottoms needed to draw a trend line.
Main rule above all rules when following Bill Williams' method: don't take any signals from other indicators (Gator indicator, Awesome Oscillator, MFI etc) until the first fractal (buy or sell) is formed outside the Alligator's teeth.
Such signaling fractals remain valid till a pending entry order is triggered or a new valid fractal is formed (a position will then be re-set according with the new fractal). Also traders use fractals in combination with many other indicators, where the goal is to get a confirmation of a trend direction and then based on that trade fractal breakouts with the trend. If yes, enter short at the close of candlestick 5 and place stop loss 3 pips above the fractal candlestick (3).
Drawing trend lines using fractals could give some advantage to Forex traders since other market participants might also be using the same obvious price points for drawing trend lines.

According to his system, Fractals have to be filtered with the help of Alligator indicator.
Consecutive fractals going in the same direction that are formed after the first order if triggered can be used to add on to an open trade.
As trend (up or down) progresses a successive break and advance of new fractals will be seen. Should this move also fail to bring results, traders should prepare for a ranging market period till a new successful breakout.

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06.06.2014 | Author: admin

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