Powerful Fibonacci Retracements Strategy Using AutoFibo MT4 Indicator For MT4
The Powerful Fibonacci Retracements Strategy Using AutoFibo MT4 Indicator For MT4 uses fibonacci retracement levels to enter a trend continuation trade in direction of the initial move (the main trend).
This strategy can be traded with the help of an indicator which detects the trend and the fibonacci retracement levels for you and draws them onto the chart.
The well known retracement levels are 23.6, 38.2, 50.0 and 61.8. The number 38.2 means that the price will often pull back 38.2% of the initial move. The developer of this strategy suggests that you should wait for exactly this amount of pullback to enter the trade.
The stop order should be placed behind the 50.0 retracement level to give the price action a little bit more room before the trend continues. This bigger room avoids unnecessary losing trades where you got the direction of the next move correct.
Targets can be placed at the high/low of the initial move before the retracement started.
Download the complete system description and the files here: