Last updated:
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.
Level up your trading
Learn to read the chart — not just the indicator
eBook · Instant PDF
The Candlestick Playbook
Read and trade 40+ candlestick patterns — with exact entries, stops and exits.
Video Course · 12 modules
The Price Action Masterclass
Read clean charts the no-indicator way — pin bars, support & resistance, entries and exits.
Recommended MT4/MT5 Brokers
XM
- ✓ *FREE *$50 to start (withdrawable)
- ✓ Deposit bonus up to $5,000
- ✓ Negative balance protection
Trading forex and CFDs carries a significant risk of loss and is not suitable for everyone. Broker links are affiliate links — we may earn a commission at no cost to you.
Forex Strategy Download:
Enter Your Email Address below, download link will be sent to you.
Get Download Link