Fibonacci Retracement Forex Support and Resistance Strategy
Table of Contents
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.
- Exponential moving aerage (perios 150);
- XIT Fibs (Fibonacci Retracement);
- Stochastic indicator.
- 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.
Forex Trading Strategies Installation Instructions
Fibonacci Retracement Forex Support and Resistance Strategy is a combination of Metatrader 4 (MT4) indicator(s) and template.
The essence of this forex strategy is to transform the accumulated history data and trading signals.
Fibonacci Retracement Forex Support and Resistance Strategy provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust this strategy accordingly.
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How to install Fibonacci Retracement Forex Support and Resistance Strategy?
- Download Fibonacci Retracement Forex Support and Resistance Strategy.zip
- *Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Right click on your trading chart and hover on “Template”
- Move right to select Fibonacci Retracement Forex Support and Resistance Strategy
- You will see Fibonacci Retracement Forex Support and Resistance Strategy is available on your Chart
*Note: Not all forex strategies come with mq4/ex4 files. Some templates are already integrated with the MT4 Indicators from the MetaTrader Platform.
Click here below to download: