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Fibonacci Fan Forex Support and Resistance Strategy
This system uses 1 hour or higher timeframe. This is applicable to all currency pairs.
Fibonnacci Fan is used in this system to identify trades that have a relatively small target.
It produces 3 lines set at the main Fibonacci retracement numbers, 38.2%, 50.0%, and 61.8%.
More often than not the main support line on the “Fibonacci Fan” is the 61.8%. Knowing this fact opens the door to our trading system.
When the price breaks the 38.2% line we can assume that it`s at least going to the 61.8% line. This is a small target but it is achieved with regularity.
Place Stop loss 10 pips above the high or below the low of the breaks bar.
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