AutoFib TradeZones is a price retracement indicator. You can apply it for both swing trading and trend-following trading purposes. It simply eases your everyday hassle of drawing the Fibonacci levels manually. Besides detecting the possible retracement levels, it also highlights potential buy/sell zones for determining the market entries.
AutoFib TradeZones marks the highs and lows of the current momentum over the selected period of timeframes and plots the Fibonacci levels on an automatic basis. Retracement levels from 76.4% to 100% are the ideal place to open buy and sell positions for intraday traders.
If you’re scalping, other retracement levels from 23.6% to 61.8% are a good place to find short-term price movements.
- Price enters the AutoFib buy zone
- A bullish candle closes right above the 23.6% level
- Buy triggers at the break of the respective bullish candle’s high
- Set stop loss below the low of the previous candle
- Exit long/take profit whenever price hits above the 76.4% level
- Price enters the AutoFib sell zone
- A bearish candle closes right below the 23.6% level
- Sell triggers at the break of the respective bearish candle’s low
- Set stop loss above the high of the previous candle
- Exit short/take profit whenever price hits below the 76.4% level