Fibonacci Tips 6# Entry Strategy

Fibonacci Retracement Level Entry Strategy



Hello trader,

Have you clear about fibonacci retracement trading strategy?


Let me get it clear.


Fibonacci retracement trading is we use the fibonacci retracement tool to find the fibonacci level within the retracement area. The idea is, we find the entry position at the retracement area with using the fibonacci numbers.

Clear?



With using the fibonacci retracement tool, we can find the stop loss, the retracement entry level and also the target profits.

About the entry strategy. You can set the entry setup into fews. Like in the same fibonacci retracement, there will be different target profits and entry level right?


So, what you can do is to set the entry or target profits into 2 or 3 entry setup.



For example,


Setup 1
100.0 Target Profit
38.2 Entry
0.0 Stop loss

Setup 2
161.8 Target Profit
38.2 Entry
0.0 Stop loss


In this case, you have 2 entry setup in 1 retracement condition. You can divide your entry lot with 2.

I hope this strategy can give you idea how you can benefits with 2 or 3 entry in one retracement


setup area.


If you dont have idea on the target profits that you want to set with. Try to have a look on this fibonacci indicator.






It gives you entry signal together with 3 options of target profits entry.


What you can do is only wait for the signal,set the entry and close the chart.


Set and forget style. No need to watch the chart  all the time.






Good Luck! Happy Trading!











Most Viewed Article

pipsumo Traderfx

A forex trader who enjoy doing forex naked chart and make profit with forex expert advisor.Also enjoy to socialize with other forex trader in the world.