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Old 12-12-2018, 06:05 AM   #1
 
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Default Strategies Using Fibonacci Retracement

Strategies Using Fibonacci Retracement

The essence of gaining consistent profit from Fibonacci Retracement lies in risk management. That is, we must be able to maintain the profit from unexpected losses. We can practice the method with the following steps:
1. Determine the risks first.

For professional traders, limiting risk is the first step that must be taken into account before targeting profits. Practically, the amount of risk in pip can be calculated depending on the current retracement.
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If prices retreat until the Retracement point of 0.382 then reverses direction, the assumption is that the trend is still relatively strong. From there, you can put SL near the next Retracement point, or at the Retracement point 0.5. Similarly, if the price has retreated to 0.5, place the SL a few pips around the Retracement point 0.618.

However, if the price still retreats to cross the line line 0.618, then the trend may have experienced a reversal from the previous trend. Under these conditions, refuse to open a position.
2. Look for trading signal confirmation.

If the price turns to the Retracement point of 0.382, then the price will not necessarily turn back to continue the previous trend. There is still a possibility that the price will show resistance to continue to touch the next retracement point.

For this reason, use another indicator as a confirmation in determining when prices will resume the direction of the previous trend, for example simple trend indicators such as Moving Average or Candlestick patterns.
3. Determine TP from the strength of the trend.

After determining the risk limit with SL and getting confirmation from other indicators, the next step is to determine the profit target. Profit distance can be adjusted to the strength of the latest trends.
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Old 02-06-2019, 10:05 PM   #2
 
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