Black King Forex System

Black King Forex system is a price action trend momentum system based on trend, momentum and price action tool (fibonacci extension) for to trade forex market.

Finally, after long time work I can develop the next version of my indicators. There will be a significant difference between this version with the previous, because I replace the most part of it. The only thing left is QQE alert v 5.0.

I remove heiken ashi bar, because further need this default bar to place Fibonacci retracements and expansions. How does it work? We’ll talk about it later.

So, let’s begin. These are the things I added to replace the old:

• EMA (exponential moving average) 15 (yellow line) applied to close. It is used as a filter for flat area.
• EMA 40 applied to high and low (red lines). They are used to define what kind of trend is currently running. So it’s also used as a filter for sideways movements.
• RSI velas TDI is the combinations between my previous TDI and RSI. It becomes a single signal, so you can easily see how it works.
• STF spikes. It is needed to see the prices volatilities. Negative spikes (bellow 0 line) mean price is weak and tend to fall and so does the opposites.
• Autopivot indicators to define pivot, support and resistance areas. After you copied all necessary files to your broker’s folder and then use my template, the picture in your chart should be like it: 

You don’t see the pivot, support and resistance lines in your charts? Change your timeframe into 4H or daily first, and then return to the time frame you are currently working.

The rules of entries and exits:

Long entries:

1. Price is above the red EMA tunnel. There must be a bar that completely out or at least closes above the tunnel.
2. Blue QQE line is above the yellow and trending up. Better signal entries if it crosses the yellow line from below.
3. Positive spike(s) had appeared at 1 – 3 bars before, whatever it color.
4. Blue RSI velas TDI bar is a signal of long entries, but sometimes it a little bit too late. So you may take it as an optional entry signal only.

You may also use Fibonacci retracements in deciding your entries. See my explanations later.

Long exit (choose some of following):

1. Price is entering the tunnel.
2. Blue QQE line is touching or crossing yellow.
3. Negative spike(s) appear.
4. TP or SL is hit (you get 50 – 100 pips or more).
5. EMA 15 trending down.
6. Price is placed above Resistance lines. See this picture. Green circle mean signal entries, and red circle mean exit. 
   
   
   
   

Short Entries:

1. Price is below the red EMA tunnel. There must be a bar that completely out or at least closes below the tunnel.
2. Blue QQE line is below the yellow and trending down. Better signal entries if it crosses the yellow line from above.
3. Negative spike(s) had appeared at 1 – 3 bars before, whatever it color.
4. Red RSI velas TDI bar is a signal of long entries, but sometimes it a little bit too late. So you may take it as an optional entry signal only.

You may also use Fibonacci retracements in deciding your entries.

Short exit:

1. Price is entering the tunnel.
2. Blue QQE line is touching or crossing yellow.
3. Positive spike(s) appear.
4. TP or SL is hit (you get 50 – 100 pips or more).
5. EMA 15 is climbing.
6. Price is placed below Support lines

See the following chart:

Most of charts above are the worst conditions when market doesn’t move. You can see, you can only get 50 – 100 pips. With previous versions of Black King Indicator you may loss. There will be more if market trending very strong.

You may also add some other indicators for example stochastic, MACD etc. There are still rooms for additional tools. You may also add some part of my previous versions that is work according to your experience.

The way I Use Fibonacci retracements and expansions.

It is wise to not trade against trend, so when the appropriate positions uptrends are long and either does when downtrend. But when must we enter? Is it right when price is climbing then we enter anywhere in chart? Are you crazy? Or do you think that your fund is too much so you can donate them to your broker? The right answer is we must wait for the correct time. For example is when price is form a reverse / swing. But how far will price make a reverse? That is why we need this tool, Fibonacci retracements.

See these charts.

Play attention at the red circle. At this point price reversal has cross the 23.6 line, but fails to dive deeper. That mean a big potential price will continue its trend. At this time we prepare to enter our long position. But don’t be rushed; wait for a bar that completely above the line (green circle). After see the bar we enter at the open of next bar. See what happen next.

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