INTRODUCTION:
In the world of day trading, having a solid plan is what sets professionals apart from the amateurs. Today, we're diving into 8 effective steps to craft a robust trading strategy using Fibonacci retracement to pinpoint potential entry points.
Remember, a well-thought-out trading plan isn’t just a nice-to-have; it’s essential for consistent success in the markets.
NOTE:
This is an Expert Advisor that automates your trades. It will place and close trades on your behalf; all you need to do is set the parameters!
HOW TO USE IT:
Check out the video below for a comprehensive guide on:
- Understanding the 8 steps to build a robust trading plan based on Fibonacci retracement.
- Avoiding the most common mistakes traders make.
- Applying the trading plan to identify Fibonacci entry points.
PARAMETERS:
This script includes 5 key inputs:
- The Price on 50% Level on M5 TF: Enter the price
- The Price on 61% Level on M5 TF: Enter the price
- The Price on 100% Level on M5 TF: Enter the price
- The Second Target on H1 TF: Enter the price
- The Risk in %: Enter the % risk for this trading setup
SCREENSHOT:
View Screenshot
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