Fibonacci Retracement Forex Support and Resistance Strategy

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Fibonacci Retracement Forex Support and Resistance Strategy

This is a trend following strategy that is based on support and resistance of fibonacci. This system uses a 1 hour timeframe and works in all currency pairs, metal and oil.

Forex Indicators:

  • Exponential moving aerage (perios 150);
  • XIT Fibs (Fibonacci Retracement);
  • Stochastic indicator.

Rules:

  • Enter a trade on the retracement.
  • Identify the Trend of the market. EMA 150 as trend identifier.
  • The price must retrace and hit a Fibonacci level;
  • Check the stochastic indicator for Oversold and Overbought;
  • Stop loss would be 30 pips in a 1 hour timeframe.
  • Take profit on the next Fibonacci level or 50-60 pips.

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