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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