Most people use daily and weekly pivot points especially for intraday trading to pick out good reversal points in the market. Here at The Forex Army, we take it one level further by introducing our own Fibonacci Pivot Points which is an adaptation from the standard pivot point and is historically more accurate in picking out reversal points than standard pivot points. The daily fibonacci pivot point combined with even the weekly pivot points is not enough to standalone as a trading strategy that will prove profitable in the long run.
You need a couple more indicators to complement it for it to become a highly profitable trading strategy. One of our live traders 2nd Lieutenant Jimmy has developed a strategy that has proven tremendously profitable hence we naming it after him. The key point is to find indicators that point out key levels which reversals could potentially happen. As a combination of these indicators around pivot points can greatly increase your accuracy in picking an extremely high risk: There are usually 2 areas of focus when observing the TFA Sniper on a single time frame:.
You can see in the above picture the areas of consolidation of the TFA Advanced Fibonacci Waves prove as great resistance even if just observing on a single time frame. While others have traded purely off these fibonacci waves by themselves, it is highly recommended to combine it with other indicators to give clearer confirmation of entry valid entry signals.
In this case, we are looking for a combination of:. Wide fibonacci lines usually stand by themselves, but they hold a lot of power in them. These are key reversal points and the wider they are, the stronger they are in forecasting reversals. An additional point you can look out for to add further conviction to your trade are candlestick reversal patterns. There are a lot of information out there on candlestick reversals and I urge everyone to read up on them as much as possible.
There are numerous ways we can target take profit levels and manage our trades. Here are a couple of ways that are suggested:. One other effective way to take profit is to use fibonacci retracement levels, especially those that coincide with graphical overlap levels refer to the breakout pullback strategy to understand what a graphical overlap level means.
What are the recommended fibonacci retracement levels to use? We recommend the golden ratio 0. Notice how the In this case, it would be fine to use either the They should be combined with the really powerful advanced fibonacci waves we have here, along with a knowledge on using RSI correctly to pick reversal points.
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Stage 2 Bootcamp Exam Stage 3 3. Fibonacci Improve your scalping with: RSI Improve your scalping with: There are usually 2 areas of focus when observing the TFA Sniper on a single time frame: In this case, we are looking for a combination of: Fibonacci pivot point RSI Area of consolidation With these 3 combined, you have a good chance of seeing price reverse.
Wide Fibonacci Lines Wide fibonacci lines usually stand by themselves, but they hold a lot of power in them. Here are a couple of ways that are suggested: One other effective way to take profit is to use fibonacci retracement levels, especially those that coincide with graphical overlap levels refer to the breakout pullback strategy to understand what a graphical overlap level means What are the recommended fibonacci retracement levels to use?More...