this video is about a strategy that is simple to use and has a very high win rate if used properly.
All the trades which you saw at the start of this video were taken with the same strategy which I am about to show you.
And I personally tested this strategy for around a month from my live account and here is the proof of that.
Candlestick Free PDF – https://forexmonopoly.com/freebies/candlesticks-pdf/
(You will receive the PDF within 24 hours )
Here is the statement of my account and the trades I took.
00:00 – Introduction to Fibonacci Retracement Strategy
01:41 – Steps of Fibonacci Retracement Strategy
02:06 – Step #1 Fibonacci Retracement Strategy
03:33 – Step #2 Fibonacci Retracement Strategy
05:35 – Step #3 Fibonacci Retracement Strategy
07:45 – Step #4 Fibonacci Retracement Strategy
09:48 – Fibonacci Retracement Trade Examples
17:45 – Take Profit and Stop loss Strategy
21:10 – Fibonacci Retracement Strategy Conclusion
I am gonna breakdown each trade I took in the example section but before that let’s jump to the strategy. Here I am going to show you the Fibonacci trading strategy for beginners. Additionally, I am going to talk about how to draw the Fibonacci retracement.
how to draw the Fibonacci retracement in forex is very simple for pro. Please check out Fibonacci trading strategy for beginners. I will also tell you how to draw Fibonacci retracement in forex.
This strategy is gonna need you to have knowledge about certain things like impulse and correction, highs and lows, Fibonacci, etc.
If you are not aware of it, I have added the link to all those videos in the description below. I recommend you to watch those videos first and then come back and watch this one.
There are 4 steps to this strategy.
The first step is, to find the direction of the market.
The second step is to find what the price is trying to do using impulse and correction.
The third step is to draw the Fibonacci retracement
The reason why we are doing this is, that we have to always remember that trend is our friend and we should try not to go against it.
So, if the market is bullish or up trending then we have to keep a bullish bias and look for buying opportunities and if the market is down trending or bearish then we have to look for sell trades.
Any, one would do.
But here is a pro tip, use trendlines for longer trends and highs and lows for shorter or small trends.
Examples of Fibonacci retracement trade
Take a look at examples of Fibonacci retracement trade. Correction is when the price moves sideways very slowly and we get to see mixed candles. how to draw Fibonacci retracement in forex is very easy.
The reason why we are looking for impulse and correction is that, whenever the market is trending.
The price first moves in a straight line then it corrects and then it again moves in a straight line and the price follows the same pattern of impulse and correction whenever a market is trending.
And even the highs and lows we see are the result of it.
Like, when we learned about impulse and correction I told you that in the trending market whenever we see an impulse and a correction, the next impulse is in the direction of the first impulse.
Now, if somehow we are able to find when a correction is going to end and when a new impulse will begin, we can easily find good entries and capitalize on them.
And this can be done by using Fibonacci.
A Fibonacci retracement is an amazing tool that is very useful while finding an end of retracement or the end of correction.
So, the third step is using Fibonacci to find the end of correction.
After you found an impulse, and if the price is then correcting, all you have to do is draw a Fibonacci retracement.
For that connect the swing highs to swing lows in down-trending market and swing lows to swing highs in an up-trending market.
Fibonacci retracement profit strategy is very useful for all of you who are new to this topic.
For Fibonacci retracement profit strategy, we have to find some extra confirmations to get into a trade as we cannot rely on Fibonacci retracement alone.
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