Bobokus Fibo Indicator
Bobokus Fibo Indicator For MT4 is another method of using the Pivot and FIbo using the Bobokus forex trading strategy.
Description
The Bobokus Fibo indicator for MT4 plots the Fibo lines based on the trading strategy devised by Bobokus. The traders suggested drawing additional levels between the standard Fibo levels. By understanding the price reaction at these internal levels, it becomes easy to identify the price reaction at the regular Fibo levels.
The indicator is similar to the standard Fibo tools available. However, new forex traders should educate themselves with the trading strategy of Bobokus before beginning to trade. Moreover, traders can use this indicator in all chart time frames. This indicator may not suit scalpers, however intraday and swing traders should benefit the most.
Bobokus Fibo Indicator For MT4 Trade Setup
The indicator plots pivot line, a short bias line, long bias line, Resistance 1, support 1, high and low, 4 targets for long trades and 4 targets for short trades. A trading strategy is to enter the markets based on the price action resulting in breakout or failure.
The main focus of the indicator is to further divide the standard Fibo and Pivot levels so that they provide early information before a trend starts.
Traders should enter buy trade if the price breaks the R1 or High and place a stop loss below the pivot line. Traders should focus to book profits at Target1, 2, 3 or 4 based on the price action. A similar trading strategy can be followed in the bearish side with a sell trade, if the price breaks below the S1 or low.
Conclusion
In summary, the Bobokus Fibo indicator for MT4 employs a different method of using the Fibo levels. However, the success of this indicator is based on the understanding of the Bobokus trading strategy.
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