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Submitted by Edward Revy on June 30, 2007 – 13:27. Traders were asking to post some strategies that will work on smaller time frames. Here is one very nice trading system that can be worth your attention. Therefore, it is very important to have a really good Forex trading system that can advise on entries with high chances to win and what’s more important it should be able to tell exactly where to exit without need to constantly monitor the price.
With all this long introduction, it is only left to mention that this strategy will require from traders basic knowledge of use of Fibonacci tool. What is Fibonacci tool and how to use it? Simply Google “forex fibonacci” phrase and you’ll find a lot of information about it. This is probably the only reason we classified this trading system as Complex one, not every trader is comfortable with using Fibonacci studies in Forex. Time frame: any over 5 min and less than 3-4 hour.
Fibonacci A swing and B swing. Pull Fibonacci from A to B. AB swings and set Fibonacci in both directions. Once set, wait and watch the retracement from AB swing to unfold. The price must touch 5 WMA.
The price must at least touch 0. 618 Fibonacci retracement level must not fail. It can touch or poke it, but the level must withstand the “attack”. When all three criteria are met, enter once the candle is clearly closed above 5 WMA for Long entry, below – for Short.