Hi Everyone! Today I want to share with you a very good Fibonacci indicator based on the popular ZigZag forex indicator. This tool gives you a clue where to enter a trade in the primary (up or down) trend on a pullback.
This Fibonacci retracement indicator does all the hard work for you and calculates and shows all possible retracement levels directly on the MT4 chart for any symbol and timeframe.
Some examples of the trades:
Basic Trading Signals:
Buy Signal: First and foremost, there must be an up trending market, next, wait for the price retrace back to around the 38.2% level and enter a long trade.
Typically, a stop-loss is placed around the 50% retracement level.
Sell Signal: First and foremost, there must be an down trending market, next, wait for the price retrace back to around the 38.2% level and enter a short trade.
Typically, a stop-loss is placed around the 50% retracement level.
P.S. Have problems with installation? Send me an email at olivermurphy@altraforex.com or support@altraforex.com
I would love to help!
