10 Steps to Trading With Fib Pinball

10 Steps to trading with Fib-Pinball

I get asked a ton of questions about where people should enter or exit trades, my approach is very simple and repeatable on any time scale. When I trade I using fib pinball I use 4 potential entry points, I like these entries because they offer lower risk entries with tighter stops. Stops should ALWAYS be below the start of wave 1, or below wave 2 after a 1-2-i-ii setup, once price hits the 1.00 extension, my stops are moved just below the .618 extension for the remainder of the trade to lock in some profit

4 entry points - 

  • 1-2 setup
  • 1-2-i-ii setup
  • Wave iv of 3
  • Wave 4

10 Steps

  1. Wait for a 5 wave move up
  2. Enter on a 3 wave retrace, ideal entry is at the 0.618 retrace of wave 1, If the 1-2 setup is unclear, wait for a 1-2-i-ii setup with a stop just below wave 2
  3. Enter Stoploss order just beyond the start of wave 1
  4. Once price moves to the 1.00 extension ALWAYS maintain stops below the 0.618 extension
  5. Take half profits at the 1.236 extension
  6. Re-enter half position at the 0.764 extension with a stop below the 0.618 extension
  7. Close remaining position at the 1.618 extension
  8. Enter wave 4 at the 1.00 extension if v of 3 hit the 1.618 extension, stop just below the 0.618 extension
  9. Take half profits at the 1.764 extension or at the top of (iii) of 5
  10. Close remaining position at the 2.00 extension or wave (v) of 5

For more on the basics of Fib Pinball click here

10 Steps to trading fib pinball
10 Steps to trading fib pinball