Double Fibonacci trading strategy based on the Fibonacci grid and fan
В Double Fibonacci trading strategy two tools based on Fibonacci ratios are combined: grid и Fan. Trading is done on the rebound from the zone where both indicators are crossed. The discussion of Double Fibonacci trading strategy takes place at forexfactory.com in on this topic.
Input parameters
- Currency pairs: any.
- Timeframe: any.
- Bidding time: any.
- Risk Management: After calculating the stop loss, choose this lot sizeto risk no more than 2-5% of the deposit per trade.
To work on this system will suit any template that is convenient for you.
The order in which the indicators are plotted on the chart
- Looking for the beginning of a local bullish/bearish trend.
- We pull the grid and the Fibonacci fan towards the development of the movement.
- The size of the first significant pullback, on the rebound from which you can start to consider trades - 23.6%
- If a rollback of this size is not formed, we continue to pull the net and the fan in the direction of the movement.
Rules for opening trades
- As soon as the price has marked a minimal bounce from one of the deal levels, crossing with the ray of the fan, we open a deal in the direction of the local trend.
- Stop Loss is set at the level of the nearest local minimum/maximum (depending on the trading direction).
Fibonacci indicators have long deserved the traders' gratitude. Their use is justified in any trading strategy, and the profitability of trading on them depends only on the individual skill of the trader.
We believe that Double Fibonacci trading strategy will be interesting for experienced traders, who, in addition, can experiment with replacing standard indicators with their more advanced modifications. Beginner traders can use this strategy on a demo account to improve their practical skills in applying Fibonacci indicators.
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