Fibonacci Channel Forex Pivot Points Strategy
This strategy uses 4 hour timeframe and applicable to major currency pairs. You can also use this to metal and oil chart.
The main difference of this forex strategy from the strategy on the Pivot levels is that the orders open not according to the breakdown of R1, S1 (61.8%) levels and close according to the next levels.
Forex Indicators:
- Fibo channel 3
- RealMACD (5,15,1)
Rules:
On the following day, the indicator will draw levels, the first candle then starts forming at 0.00.
For Long:
- If the candle starts (pay your attention on the beginning of the candle formation) forming above PivotLine.
- If previous bar of real MACD is green,
- Place stop loss at level 61.8%(S1) below PivotLine.
- Take Profit at level 61.8%(R1) or (R2) above PivotLine.
For Short:
- If the candle starts (pay your attention on the beginning of the candle formation) forming below PivotLine.
- If previous bar of real MACD is red.
- Place stop loss at level 61.8% (R1) above PivotLine.
- Take Profit at level 61.8%(S1) or (S2) bellow PivotLine.
Note:
- If the candle opening coincides with PivotLine, we do not open the order.
- If the candle opening is above the pivot line and the previous bar of the real MACD is red we do not open order.
- If the candle opening is below the pivot line and the previous bar of the real MACD is green we do not open order.
- The unique profit forex indicator Fibo channel for beginners and pro traders! Relying on its signals we will have a profit about 100-150% from depot per month.
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