Simple Fibonacci Trading Strategies
Simple trading Fibonacci strategy but an abundance of ability to earn income during my test. Fibocrazy Europe Session, it felt like laughing to use this term, but I the simplicity of this Fibonacci strategies that I like. No need for 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 with fast movement, this strategy is also one of the breakout strategies that maps the movement of prices from “05:00 to 08:00” (GMT time) as the reference point of breakout. You can use the 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 are as follows:
To avoid false breakouts 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 a “safe entry” which is quite effective.
During my test, 130% Fibo lines is a point that rarely 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. The 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 technique and there is always an easy way to make a profit, so keep it simple! This is how to use fibonacci retracement for scalping !!
Best Fibonacci Trading Setups to Grow Small Account
Here is another method that very accurate forex scalping trading strategy !!
We understand to get consistent profit is to follow the trend, because the trend is our friend. So, to take this lesson, we must learn and understand forex candlestick reversal patterns and the price action trading strategy. The simplest way is to read what the major trend is in a high time frame and look for trading confirmation entries on a small time frame based on the direction of the major trend in the high time frame. We can understand when the market is a bullish trend so we looking only to buy and when the market is bearish we looking only to sell by reading the price action market structure easily.
