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Fibonacci ABCD Pattern Forex Support and Resistance Strategy
This strategy uses 1 hour and higher timeframe. It is applicable to any currency pairs.
Forex Indicator:
1.-2-3- pattern
This is the formula:
Target point D (profit Objective) and retracement point C cab be calculated by measuring the number of pips From poin A to point B and multiplyng by the factors below.
- For Fibonacci Retracement, left click on point A, drag the line to point B, then release the mouse.
- For Extension left click on point B, hold and drag the line, to point A and release.
Commonly, 61%8 retracement go to least the 161,8% projection. Sometimes The 100% ,200% amd 261% extension come into play.
Money has been made using ABCD also called 1234 pattern using to enter and extension to exit.
Enter near point C exit at point D.
Attached are the following:
- XLS file for to calculate Fibonacci Extension
- spudofibo metatrader indicator
- 123 pattern
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