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We already know from history that any trading strategy can be profitable and, of course, on the contrary, it can be a losing one.
The M5-Fibo Retracement is one of the exceptional trading strategies in which success is not determined by the Fibonacci retracement settings, but by the methods and approaches used by the traders themselves.
Strategy entry rules
Entry into long positions
- Hitting one of the fibo lines from above
Entry into short positions
- hitting one of the fibo lines from below
The chart below shows three hits of the selected Fibo lines, the first of which was not expected to rebound, but the other two were.
SL should be placed between the Fibo lines in this strategy, more precisely somewhere in the middle. TP should then be placed at the level of the next Fibo levels (i.e. if a long entry occurs at Fibo 23.6, then TP is placed at Fibo 61.8)
With today's M5 Fibo strategy it is possible to achieve a success rate in the range of 50-60%, where the final value will depend very much on experience and, of course, trading skill.
