【This Week’s Results & ChatGPT】 Try to Managing a Free EA Portfolio 2 (10-14 April 2023)

Forex trading techniques using Fibonacci retracements are mainly useful for identifying trend turning points and support and resistance levels. You can apply it to Forex trading by following the steps below.

1. Trend identification: First, identify the market trend. In the case of an uptrend, you need to find a point where the market will retrace from the high to the low. Conversely, in the case of a downtrend, identify the point at which the market retraces from the low to the high.
2. Apply Fibonacci Retracement Tool: In your charting software for trading, select the Fibonacci Retracement tool. For an uptrend, apply the tool from the recent low (swing low) to the recent high (swing high). In case of a downtrend, apply the tool from the recent high to the recent low.
3. Check Key Retracement Levels: The Fibonacci retracement tool displays several key retracement levels (23.6%, 38.2%, 50%, 61.8%, and 78.6%). These levels may act as potential support and resistance zones.
4. Identify entry points: When price approaches the retracement level, look for signs that indicate a resumption or reversal of the trend. For example, in an uptrend on the daily chart, when the price approaches the 61.8% retracement level, use candlestick patterns and technical indicators (RSI, MACD, etc.) to look for entry signs.
5. Set Stop Loss and Take Profit: Once the entry point is determined, set the Stop Loss and Take Profit levels. Stop loss is important for risk management. It is usually set to a retracement level just above the entry point (in case of a downtrend) or below (in case of an uptrend). This allows you to minimize losses due to unexpected market fluctuations. Take profit is a goal to lock in profit. This is typically based on the next major Fibonacci level or past support/resistance zones. Consider the risk to reward ratio to determine your stop loss and take profit levels.
6. Monitor and manage trades: Once entered, continuously monitor your trades and adjust your stop loss and take profit as needed. In addition, new retracement levels may form, so update your analysis by reapplying the Fibonacci retracement tool as appropriate.
7. Evaluate and improve trades: Once a trade is complete, evaluate the results and consider what was successful and what needs improvement. This will allow you to continuously improve your trading technique using Fibonacci retracements and trade more effectively.

You can follow these steps to practice the Forex trading technique using Fibonacci retracements. However, the appropriate method may differ depending on the market situation and your own trading style. Therefore, it is important to use a demo account to establish your own trading technique and practice until you can make a profit in real trading.

NOZAX Portfolio NO.2

• Account: NZX Zero (ECN) (NOZAX)
• Initial balance: 100,000 yen
• Working EA:

• TraderMind EA MT5: Currency Pair: USDCAD#, Timeframe: 1 Hour, Lot quantity: 0.04 Lot

MQL5 Free EA – Verification by backtesting 8 “TraderMind EA MT5"

• White Bear DT for NOZAX v1.13: Currency pair: USDJPY#, Timeframe: 5-minute, Lot quantity: 0.02 lot

≪Exclusive to this site≫ NOZAX.fun exclusive campaign 1st!

• Gold Multiply Funds EA: Currency Pair: XAUUSD#, Timeframe: 30-minute, Lot quantity: 0.01 lot

MQL5 Free EA – Verification by backtesting 20 “Gold Multiply Funds EA”

• Catastrofix EA MT5: Currency Pair: EURGBP#, EURAUD#, EURNZD#, EURUSD#, GBPCAD#, AUDJPY#, Timeframe: 1 Hour, Lot quantity: 0.01 lot

MQL5 Free EA – Verification by backtesting 22 “Catastrofix EA MT5”