My new implementation of Fibonacci retracements strategy in Trading cryptos

avatar

fibonacci-710x458.webp


So I've been trying out many ways of improving my trading strategies to see how I can further understand and perhaps obtain more gains. During the past few weeks, I have implemented strategies like step gain, support and resistance and also messing around more with grid trading.

I won't say that it was not profitable however every single strategy has its flaws and could possibly lead you into getting stuck in a position where you are unable to get out of easily.

It actually is a great time to test new strategies as due to the markets just being volatile at this point, its a good way to see if your strategy would work.

Fibonacci Retracement

This strategy was introduced to me just recently and I started researching on its implementation and how traders are already using this strategy in their daily trades. Here is an interesting article on how this strategy works.

https://www.coindesk.com/crypto-trading-101-the-fibonacci-retracements

So by using trading view and implementing retracements at 0.236, 0.382, 0.5, 0.618, 0.786 with a period set to around 30 mins you would start getting a line where you are then able to place long or short orders.

The results

fib2.jpg

With this method alone, it was able to catch really good pumps however I had to adjust the period to a longer timeframe as setting it too short may have proven to have too many trades and I was just getting hit with a lot of trading fees.

fastest in out.JPG

Once that was done ... the results were way better with longer trades but better closing. So overall .. here are my results on 1 single pair over the past 2 days.

almost 2 percent.JPG

Compared to other traders, I'm still very new at this however it is exciting to be able to try and implement strategies which would drastically improve your trades. So if you are getting into derivatives do make sure you research on strategies which you can use to mitigate losses as markets just jumps up and down and is considered extremely high risk

Cheers all and have a great day !! Remember .. this is not a financial advise and what works for me may not work for you.



0
0
0.000
3 comments
avatar

Thank you for your support. Here's a !shop as token of appreciation.

0
0
0.000
avatar

Wah memang bossku level 🧐

0
0
0.000
avatar
(Edited)

🤣😂🤣 Next stop is in exchange arbitrage with spot trades. Just need to get the right setup with auto selection of pairing for trades. Codename "blackbird" 😁

0
0
0.000