Trading Strategy with Fibonacci and TrendLine:
Trading Tools for the Fibonacci Trend Line Strategy
1.Fibonacci Retracement
2.Trend Line
This trading strategy can be used with any Market (Forex, Stocks, Options, Futures). In our example we are going to be using Forex currency trading.
This strategy work on any timeframe like D1,H4,H1 even M15.
Because of it is trend trading strategy that will take advantage of retracement of the current trend.
Start our strategy description for our clear concept:
Step1:Find a Trending currency Pair
Step2:Draw a Trend Line
Step3:Draw Fibonacci From Swing low to Swing High although the Market is trending Up.
Step 4:Wait for Price level to Hit Trend Line
Wait for market Retracement[/caption]
Step5:Price Must hit trend line in between 38.2% and 61.8% fibo lines.
Step6: Entry Point
Step 7: Stop Loss Placement
Result;
For more details about this strategy