Forex Fibonacci Retracement Support and Resistance Strategy

Trading Strategies 0 904



Summary : 

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.

 

Trading Conditions

 - 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

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