MACFibo System Indicator

MACFibo system needs no introduction to babypips fourms members.
The Winner of March's Best Forex Trading System Contest, uses 3 moving averages to determine trade opportunities and Fibonacci extensions to determine stoploss and profit targets.
 
How it works:
Timeframe: H1 and H4 only.
Currency pair: recommended for EURUSD ,
XAUUSD. but its rumored to work well on majors also.
Indicators : 5 EMA, 8 SMA, 20SMA and Fibonacci Retracement Tool.

SHORT SIGNAL:
When 5EMA crosses 20SMA down:
Draw 2 points as below:
POINT A; Candle close price that confirmed the downside crossover
POINT B: highest price of the current wave prior to the crossover,

Profit Target: @ 161.8 fibo level
Stop Loss: maximum 38.2 (minimum @ 78.6) based on your risk appetite.
 
Long SIGNAL:
When 5EMA crosses 20SMA up:
Draw 2 points as below:
POINT A; Candle close price that confirmed the upside crossover
POINT B: lowest price of the current wave prior to the crossover,

Profit Target: @ 161.8 fibo level
Stop Loss: maximum 38.2 (minimum @ 78.6) based on your risk appetite.

Exit mechanism for losing trades, if stoploss yet to hit: if 5EMA corss 8SMA in direction opposite of your open trade.

I have created a indicator to determine POINT A and B as per the above rules. Fibo levels need to be drawn manually. The indicator is available at mql4 website. Link here.
Initially I thought of adding fibo levels to indicator but it would make chart too messy to understand. I see that it produced some really good signal not only on recommended pairs but on all majors as well. But money management is the perfect key, as it is for every system.
 
There is much more to this system which can be found here. Currently, the active forum thread on babypips is here