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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