Forex Fibonacci Retracement Support and Resistance Strategy is a trend following strategy that is based on support and resistance of Fibonacci.
Metatrader Indicators :
- Exponential Moving Average (150, Close)
- XIT Fibs (Fibonacci Retracement)
- Stochastic indicator.
- Chart Timeframe : 1 Hour.
- Currency Pairs : Any pairs.
Position Entry :
- 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;
Exit Rules :
- Profit Option 1 : Next Fibonacci level.
- Profit Option 2 : 50 ~ 60 pips.
- Stop Loss Option : at 30 pips.
How to install Files?
- Download *.zip file.
- Copy Indicators folder to your Metatrader Directory / indicators /
- Copy Template folder to your Metatrader Directory / templates /
- Copy Libraries folder to your Metatrader Directory / Libraries /
- Start or restart your Metatrader
- 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 Template
- You will see Trading System strategy is available on your Chart