A Winning Trade Recommended by Dealer Joseph Plazo.
The Daily Fibonacci Pivot Strategy uses regular Fibonacci retracements in confluence together with the daily pivot levels to be able to get commerce entries. My favored parameters are the 38% or 50% Fibonacci degrees in confluence together with the daily central pivot.
Chris Lori has a vital reversal strategy known as the Lori P 38 commerce, accessible as one of the six patterns accessible his High Chance Reversals Course. My special take on this strategy would be to expand the opportunities provided by loosening the entry requirements in this manner:
1. Where the average true range for the past five day period has been surpassed in the past day's trading session, search for an entry on any currency pair
2. at the start of the present trading session draw fibs:
- from the prior days low to high, if price is now above the current day's central pivot
- from the previous day's high to low, if price is currently below the central pivot of the present day
3. Locate a confluence of Fibonacci retracement levels with the day-to-day essential pivot.
If price retraces to the confluence identified, either enter at market or wait for a confirmatory candle sign to happen at the confluence before entry. Clearly, it's more risky to enter before getting the confirmatory signal, but such an approach gives a greater possible benefit to risk ratio.
In this situation it'd amount to the 50% retracement level, with a couple pips joseph plazo currency trader additional thrown in for buffering.