Introducing Din Fibo Next Indicator. This is a simple indicator categorized as a trend following indicator. Din Fibo Next indicator works more like a channel mechanism and traders worldwide from intermediate to experienced use it to make money on a consistent basis.
Din Fibo Next works well when used for trading in the direction of the trend and in the counter-trend direction of the market. The benefit of using this indicator is that it works in all timeframes greater than 5minutes and it can be used to trade any currency pair, and commodity pairs.
After installing the Din Fibo Next Indicator in your platform, your chart should look like the image below:
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Dan Fibo Next Indicator has two bands which move parallel to each other and they work as support and resistance levels of the trend. You should always be aware of trend direction when using this indicator. When the market approaches the upper band you should look for selling opportunities and when it approaches the lower band you should look for buying opportunities. The rule of thumb is that if the market is trending up look for lower band buy signals and when the market is trending down look for upper band sell signals.
Conditions For Busing Using Din Fibo Next Indicator
- The market should be up trending.
- The market should be bouncing from the Din Fibo Next
- Place your long position when all of the above conditions are met.
- Place your stop loss below the recent support.
- Take your profit when the market drops from the Din Fibo Next
Conditions For Selling Using Din Fibo Next.
- The market should be down trending.
- The market should be retreating from the Din Fibo Next
- Place your short position when all of the above conditions are met.
- Place your stop loss above the recent resistance.
- Take your profit when the market bounces off the Din Fibo Next
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