Fibonacci based support and resistance
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Thread: Fibonacci based support and resistance

  1. #1
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    Fibonacci based support and resistance

    Fibonacci based support and resistance
    Account information:
    Type of CopyFX account Trader
    Name of CopyFX Trader thanee
    Account number 5255823
    Read only password contest65656
    Account type CopyFx MT4 Pro-Cent
    Account currency USD
    Leverage 1 : 1000

    Informer


    Strategy parameters:

    System: Fibonacci based support and resistance lines
    Difficulty: Medium
    Time Frame: H1, H4, D1
    Risk and Rewad: 1:2
    Trading pairs: Eur/Usd Gbp/Usd, Gold, Gbp/nzd, Gbp/Aud

    Strategy Description:
    Buy Use the support line for buying in which price is currently move
    Sell Use the resistance line for enter the selling trade
    This system is based 8 lines which are based on the Fibonacci multiplications.
    Fibonacci multiplications 0%, 12.5%, 25%, 37.5%, 50%. 62.5%, 75%. 87.5%, 100%, and indicated line from -2/8 to 8/8.
    5/8 and -2/8 are indicates the market strong support and resistance levels.
    When market trend is bullish and cross the resistance level line then that resistance become support of that pair.
    When trend is down side and market is cross the support then its become its new resistance

    You can see in the following charts and understand better this strategy.





    Comment moderator

    1. ContestFX
    2. Strategy confirmed

    Not allowed!
    Last edited by ContestFX; 10-09-2018 at 04:20 PM.

  2. #2
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    buy 0.04 GBPUSD 1.30518 1.31647 44.99 4.50
    buy 0.01 GBPUSD 1.30107 1.31647 15.28 1.53

    wechs trade.jpg

    Near the resistance that is good chance to enter short.
    sell 0.04 EURAUD 1.58224 1.57105
    sell 0.24 EURAUD 1.58217 1.57095 195.19 19.52
    wechs new trade.jpg

    Not allowed!

  3. #3
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    sell 0.80 XAUUSD 1244.69 Tp 1243.72
    gold trade wechs.jpg

    buy 1.00 GBPUSD 1.25201 tp 1.25247


    sell 0.60 XAUUSD 1244.36 tp 1242.28

    gold dec wechs.jpg

    Open trader GBPUSD at 1.2660 because its near the red resistance line which is good sign to enter a short order.
    gbpusd wechs.jpg

    Not allowed!

  4. #4
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    sell 1.00 GBPUSD 1.26636 Tp1.26216

    f.jpg

    Not allowed!

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