Bobokus Fibonacci Indicator
The Bobocus Fibonacci Indicator for MT5 is another method of using pivot points and Fibonacci using the Bobocus forex trading strategy. Best for early entry.
Description
The Bobokus Fibonacci Indicator for MT5 plots Fibonacci lines based on the trading strategy developed by Bobokus. Traders suggested drawing additional levels between the standard Fibonacci levels. By understanding the price reaction at these internal levels, it becomes easy to determine the price reaction at regular Fibonacci levels.
The indicator is similar to the available standard Fibonacci tools. However, new Forex traders should familiarize themselves with Bobocus’ trading strategy before starting to trade.
Moreover, traders can use this indicator on all chart timeframes. This indicator may not be suitable for scalpers, but intraday and swing traders will benefit the most.
Bobokus Fibonacci Indicator For MT5 Trade Setup
The indicator displays a reference line, short bias line, long bias line, resistance 1, support 1, high and low, 4 targets for long trades and 4 targets for short trades. The trading strategy is to enter the market based on price action leading to a breakout or failure.
The main purpose of the indicator is to further separate standard Fibonacci and pivot levels so that they provide early information before the trend begins.
Traders should enter a buy trade if price breaks R1 or the high and place a stop loss below the pivot line. Traders should focus on taking profits at Target 1, 2, 3 or 4 depending on the price movement. A similar trading strategy can be used in a bearish direction, making a sell trade if the price breaks below S1 or the low.
Conclusion
So the Bobokus Fibonacci Indicator for MT5 uses a different method of using Fibonacci levels. However, the success of this indicator is based on understanding Bobocus’ trading strategy.