http://www.ino.com/info/285/CD3393/&dp=0&l=0&campaignid=3
http://forex-strategies-revealed.com/fibonacci-system
I decided to place two Forex trades based on the setups and post them here. The time frame is 5 mins.
1. From point B price retraced to the 38.2% line and also touched the 5WMA. This was the setup bar.
2. I placed sell order when next bar closed below 5WMA with initial stop at 61.8% fib level. Target is the the 161.8% level.
3. Being this is a short time frame I like to take quick profits usually in the order of 10pips. So, the first exit was 10pips and the stop was moved to break even. They call that a "free trade" from there on.
4. The target was hit and the down move started to reverse.
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