Fibonacci intraday trading system

Marketplace: . 
Indicators: 5 WMA (weighted moving average (volumes are used for its calculation), Fibonacci levels; 
Time periods: M5-H1;
Currency pairs: a variety;
Strategy: intraday;
Protective Order: StopLoss.

Intraday trading strategies are usually carried out on short time ranges (5 min, 15 min, 30 min and even 1 hour). And the risk to losses on intraday trading is always higher than when working on larger time ranges.

So it's very important to have a good intraday trading strategyThe more importantly, it should be able to tell exactly when to exit a position without the trader constantly watching the price. Note also that the more traders look at the price chart, the more they have doubts about the luck of the current open position. So, here is exactly that intraday trading strategy at the Fibonacci levels.

Algorithm of intraday trading strategy on Fibonacci

Take a look at price waves. Find the latest maximum and minimum of the wave - the so-called Fibonacci A and B points. Pull the Fibonacci from point A to point B. To know which direction to pull (up or down) just look at the trend, if it is not clear, just find the corresponding AB points and pull the Fibonacci in both directions.

Once the preparations are complete, we watch and wait to see how the price behaves. In order to enter the trade, three conditions must be met:
1) The price must touch 5WMA;
2) The price should touch the level of 0.382 (resistance level);
3) The 0.618 level must not be broken. This means that price should not close below (for an uptrend) / above (for a downtrend) resistance level 0,618. The price can touch and even pierce it, but the level must withstand the "attack".

When all three criteria meet, enter as soon as the candle closes above 5 WMA for shopping, below for sales.

Stop order always set 4-5 pips above (downward) / below (for upward) the resistance level of 0.618. We set the profit at 1.618 Fibonacci extension from point A.