Simple trading fibonacci strategy but an abundance of ability to earn income during my test. Fibocrazy Europe Session, it felt like laughing use this term, but the simplicity of this fibonacci strategies that I like. No need complicated analysis, just know where to market entry, where the target should be placed as well as a protective stop loss. A system of “set and forget” is very simple
Early European session is often the case that fast movement, this strategy is also one of the breakout strategy that maps the movement of prices of “05:00 to 08:00” (GMT time) as the reference point of breakout. You can use i-ParamonWorkTime indicator on Fibocrazy_Europe_2 to automatically display the desired timeframe on the chart.
Just observe the price movement in this period. After the price reaches its deadline, then use fibonacci retracement by drawing a line at the point of the swing low to swing high in the range of time. The Fibonacci settings as follows:
To avoid false breakout breakout like most other systems, where prices are turned back after a break of high or low break. I use an additional 10% Fibonacci line as “safe entry” is quite effective.
During my test, 130% Fibo lines is a point that almost never fails, you can place the first take profit here. Next is 161.8% Fibo lines as the standard profit target also has a high probability that as a goal post-breakout price. Final target is 220% Fibo lines also have a good probability.
To avoid the risk of second or third target profit, you can use a trailing profit function or profit lock so that profits can be obtained even though prices have reversed course or correction.
Happy trading with this simple fibonacci techniques and there is always an easy way to make a profit, so keep it simple!