Everytime when candles rise/drop through a FIbo level, I will wait for them to retrace back to level and rise/drop through the same level again. Then I will enter a call/put (kind of doing a trend re-entry) for 2-3 candle time, e.g. if using 1min chart, then trade for 2-3min expiry; if using 5min chart, then trade for 10-15min, etc.
After practicing on this chart, realized that if the second breakout candle is close to or breaks the next Fibo level, the winning rate will be lowered.
Total trades taken on this chart: 11
Trades that were taken close to next Fibo level: 6
Winning rate for those close to next Fibo level: 2 win to 4 loss
Winning rate excluding those close to next Fibo level: 5 win to 0 loss
After practicing on this chart, realized that if the second breakout candle is close to or breaks the next Fibo level, the winning rate will be lowered.
Total trades taken on this chart: 11
Trades that were taken close to next Fibo level: 6
Winning rate for those close to next Fibo level: 2 win to 4 loss
Winning rate excluding those close to next Fibo level: 5 win to 0 loss