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Fibonacci Retracement

Educational: AB=CD pattern w/ BTC exampleOne fairly easy and useful pattern for determining reversals is the AB=CD pattern. The pattern simply looks for two rising or falling legs up or down respectively. Then one simply measures the retracement level from point B followed by the projection from C (luckily tradingview has a tool to assist with this). If these values equal a 0.618 or 0.786 retracement followed by a 1.272 or 1.618 projection respectively, the pattern is likely to indicate a reversal of the current trend. For example, above we can clearly see the pattern almost perfectly matched the required levels of 0.618 and 1.272. However, no pattern is guaranteed, so it is always recommended to seek out confirmation. As we can see in the above example, there is bearish reversal divergence that can be seen on both RSI and MACD (dotted green lines), whereby price is rising while oscillators are falling, indicating an even greater likelihood for a reversal. Upon confirmation of a reversal, one can then target Fibonacci retracement levels as key points of interest as can be seen above. A nice part about this pattern is how simple it is to spot and draw out particularly with tools available on tradingview. Hopefully you are able to use this pattern as another useful tool in your arsenal!
BITSTAMP:BTCUSDEducation
by crypto_trends
How to use FIBONACCI TOOL1. Find a suitable trend / swing You can basically find trends in every chart. The fibonacci tool achieves the best results with strong trend movements. So look for strong impulses! 2. Detect the start and the end of the trend The Fibonacci can be used variably. In my experience, the longer swings work better. 3. Drag the fibonacci tool from the start to the end point Select the Fibonacci tool (shortcut ALT + F). Drag the tool from the start point to the end point. You can change and adapt the tool at any time. 4. Detect the most important levels 0.236 Retracement: - Suitable for high momentum trades. The trend should show high volume. 0.5 Retracement: - The most important and effective retracement. It shows the average movement and many traders buy at half the price. 0.618 Retracement: - Very effective in conjunction with the 0.5 retracement. The zone between the retracements is very often a support. 5. Use the levels to trade pullbacks The retracements are generally not a 100% probability of a successful trade. The interaction with other indicators and technical aspects is key.
Education
by TizTrader
TOP 5 Tools To TradeHi traders! Working process of any trader is usually related with usage of different tolls. These tools are invnted to make traders’ life easier. For instance, you shouldn’t just build lines of support and resistance by yourselves, just choose 3 main points and use Fib ExtensionMany of you asked us, what tools we usually use in our daily stuff. Well, we use many different indicators, oscillators and other tools like Fiba, Pivots and so one. Today, we’ll give TOP-5 tools, that’ll make your trading activity easier and more efficient. Fibonacci retracement Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used. The indicator is useful because it can be drawn between any two significant price points, such as a high and a low. The indicator will then create the levels between those two points. Suppose the price of a stock rises $10 and then drops $2.36. In that case, it has retraced 23.6%, which is a Fibonacci number. Fibonacci numbers are found throughout nature. Therefore, many traders believe that these numbers also have relevance in financial markets. How to use? Put the first point to lower low, the second to the higher high or vice versa. Fibonacci extension Fibonacci extensions are a tool that traders can use to establish profit targets or estimate how far a price may travel after a retracement/pullback is finished. Extension levels are also possible areas where the price may reverse. Fibonacci extensions are a way to establish price targets or find projected areas of support or resistance when the price is moving into an area where other methods of finding support or resistance are not applicable or evident. To study it accurately, read our Fiba Extension From Scratch (link in the description). Pivot Point A pivot point is a technical analysis indicator, used to determine the overall trend of the market over different time frames. The pivot point itself is simply the average of the intraday high and low, and the closing price from the previous trading day. In fact, price above the pivot point is thought to indicate ongoing bullish trend, while price below the pivot point indicates bearish one. The pivot point is the basis for the indicator, but it also includes other support and resistance levels that are projected based on the pivot point calculation. All these levels help traders see where the price could experience support or resistance. Similarly, if the price moves through these levels it lets the trader know the price is trending in that direction. Commonly, traders use Pivot Points as support and resistance levels as well as stop-loss levels. In the combine with oscillators (MFI, OBV, etc.) and Fiba levels we invent efficient strategies. Ichimoku One of the most informative indicator in world of trading. It can give you both support/resistance levels and sell buy signals. Out crew uses it every day. However, many traders consider it rather difficult to interpret. If you want to know more about it and use it as efficient as it’s possible, check out our articles (link in description) Pitchfork Andrews' Pitchfork can be used by traders to establish profitable opportunities and swing possibilities. On a long-term basis, Pitchfork can be used to identify and gauge overall cycles that impact underlying spot activity. In general, traders will purchase the asset when the price falls near the support of either the center trendline or the lowest trendline. Conversely, they'll sell the asset when it approaches the resistance of either the center line or the highest trendline. Even though the center line can be used to identify areas where a security may find support or resistance, it is generally not as strong as the two outside lines. In practice, the levels identified by this indicator are very useful for identifying strategic positions for stop-loss orders. To apply the pitchfork, you should choose the pivot of “trend start” (A on the chart). Than, chose the significant maximum(B on the chart) and significant minimum. DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Education
by Skyrexio
5
FIB your way to SUCCESS! In his historic 13th century novel Liber Abaci (Book of the Abacus), Leonardo Fibonacci brought a special sequence of numbers known as the Fibonacci series to Western civilization. Before we look into how Fibonacci numbers and ratios are used in the financial markets to predict future support and resistance levels, let's have a look at where they came from and how they were created. A simple mathematical expression that describes a Fibonacci series is given as follows: F(n+1)=Fn+ F(n-1) where Fn represents the current number, F(n-1)the previous number, and F(n+1) the next number in the Fibonacci series. Any integer in the Fibonacci series is the sum of its two previous whole numbers, regardless of how it is represented mathematically. Starting with F(n-1) = 0 as the previous number and Fn = 1 as the current number in the sequence, we can get F(n+1), the next number in the Fibonacci series, by repeating or iterating the process for each new Fn: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, ... The ratio of the current Fibonacci number to its immediate previous number, that is, the ratio (F(n+1)/Fn) or (Fn/F(n-1)), is a special and somewhat mysterious characteristic of the Fibonacci sequence. When we move farther out into the Fibonacci sequence, this ratio reaches 1.618 (to three decimal places). In truth, it turns out that it doesn't matter which two numbers were chosen to start the series in the first place. It will still hit 1.618 as we proceed along with the list! This unique ratio is referred to as the Golden Ratio, or "Phi" . We already know that Phi = 1.618 (to three decimal places). Here are some other important ratios related to Phi: a. (1/Phi) = 0.382 b. Phi x Phi = 2.618 c. (2/Phi)-1 =0.236 d. √ (1/Phi) = 0.786 e. √ Phi = 1.272 The items in this list of Phi‐related ratios are regarded as significant ratios in technical analysis and are used widely by technical traders and analysts. Fibonacci Retracements, Extensions, and Projections Fibonacci numbers and ratios are often used to time future market reversals, or as time forecasts, as we can see in the following pages. Before going any further, it's a good idea to define the terms retracement, extension and projections in broad terms. Price Retracements A market drop or reversal from a significant high, or a rebound from a significant trough, is referred to as a retracement . The amount of retracement is normally expressed as a percentage of the observed price range, and is calculated by comparing the peak to a previous significant trough or a trough to a previous significant peak. In other words, we have both downside and upside retracements. Popular Fibonacci percentage retracements include: a. 23.6 percent b. 38.2 percent c. 61.8 percent d. 78.6 percent Price Extensions A downside extension is any downside retracement that is greater than 100 percent, that is, the downside retracement extends below the previous significant trough, that is, beyond the observed price range. In similar fashion, an upside extension is any upside retracement that is greater than 100 percent, that is, the upside retracement extends above the previous significant peak that is beyond the observed price range. Popular Fibonacci price percentage extension levels include: a. 127.2 percent b. 161.8 percent c. 261.8 percent d. 361.8 percent e. 423.6 percent f. 461.8 percent Price Projection An upside price projection is a projection of an observed price range from a higher significant trough. A 100 percent price projection is simply a one to one (1:1) projection of the observed price range from some new higher significant trough. Similarly, Fibonacci downside price projections use the phi‐related percentages for forecasting potential support in a downtrend. The main Fibonacci percentages associated with projections are: a. 61.8 percent b. 161.8 percent c. 261.8 percent d. 361.8 percent e. 423.6 percent f. 461.8 percent Trade with care. If you like our content, please feel free to support our page with a like, comment & subscribe for future educational ideas and trading setups.
TVC:GOLDEducation
by financialflagship
30
fibonacci extensions / retracements - how to and where to applyFibonacci tools are in general a method of technical analysis for determining probable support and resistance levels calculated using ratios (23.6%, 38.2%, 61.8%, and 78.6%) that are derived from Fibonacci sequence (0, 1, 1, 2, 3, 5, 8, 13, 21, …). Fibonacci levels are presented in variety of forums, such as horizontal lines, vertical lines, trend channels , fans , arcs, circles, even a spiral. Fibonacci levels also arise in other ways within technical analysis, for example, one of the best known and widely used Elliott Wave theory In this article we will have a closer look to Fibonacci Extensions and Fibonacci Retracements Fibonacci Retracement and Fibonacci Extension levels are in the form of horizontal lines and are calculated in almost similar manner with slight difference. Even tough they look like similar to each other they are quite different and serve for different purpose.   👉 Fibonacci retracement levels indicate how deep a retracement could be, that is, aims to measure the pullbacks within a trend   👉 Fibonacci extension levels indicate how far the next price wave could move following a pullback, that is, aims to measure the impulse waves in the direction of the trend How to apply Fibonacci Retracement and Fibonacci Extension These levels should not be relied on exclusively,Reversals can be confirmed with candlesticks, momentum indicators, volume or chart patterns. Here are the links of educational posts and indicator versions of the Fibonacci Tools that I made, you are kindly invited to check Auto Fib Channels, besides Auto Fib Channels this study include Auto Fib Retracement, Auto Fib Extension and Auto ZigZag indicator Auto Pitchfork, is advised due to its similarities with Auto Fib Channels and also it includes Auto Fib Retracement and Auto ZigZag indicator Auto Fib Speed and Resistance Fans, is an important tool to identify probable support and resistance and especially a powerful tool to identify reversals and retracement levels. The study presents an alternative approach of drawing the fans which enables a visualization quite similar to Gann Box. Auto Fib Retracement and Auto ZigZag indicator is also available Related educational posts that presents a quick guide of the drawing tools as well as introductions for their automatic indicator versions how to apply pitchfork and auto pitchfork study : how to apply fibonacci fans and auto FibFans study : how to apply fib channels and auto fib channels study :
Editors' picks
Education
by dgtrd
82
how to apply fib channels and auto fib channels studyThe Fibonacci Channel is a technical analysis tool that is used to estimate support and resistance levels based on the Fibonacci numbers. It is a variation of the Fibonacci retracement tool, except with the channel the lines run diagonally rather than horizontally. The tool is used to aid in identifying where support and resistance may develop in the future. If the uptrend is expected to continue, the 100%, 161.8%, and other higher levels are potential price targets. The same concept applies to downtrends if a downtrend is expected to continue In an uptrend, the zero-line is like a normal trendline, helping to assess the overall trend direction. If the price falls below it, it may need to be adjusted based on more recent price action, or it could signal that the uptrend is over and that the price is breaking lower. Similarly in a downtrend, the zero-line also acts like a trendline. When the price is below it, it helps confirm the downtrend. If the price moves above it, the indicator may need to be redrawn or the price is moving higher out of its downtrend Difference Between Fibonacci Channels and Andrew's Pitchfork Both these indicators attempt to predict future support and resistance levels based on price levels from the past. Fibonacci channels attempt to do this with percentages of a selected price move. Those percentages are then projected out into the future. Andrew's Pitchfork is simpler in some ways as the angled lines are based on three price levels selected the trader and then extended out into the future. Step By Step Applying Fibonacci Channels Auto Fib Channels ʙʏ DGT ☼☾ LINK to Auto Fib Channels ʙʏ DGT ☼☾
Editors' picks
Education
by dgtrd
178
how to apply fibonacci fans and auto FibFans studyFibonacci Speed and Resistance Fan is an analytical drawing tool used to indicate the support and resistance levels of an existing trend and the price level at which possible changes in the trend may occur. A Fibonacci Speed Resistance Fan consists of a trend line drawn between two extreme points - a trough and opposing peak or a peak and opposing trough - on which a set of sequential speed resistance lines are drawn above (which represents time) and below (which represents price). These lines are drawn based on time/price percentages of the distance between the beginning and the end of the trend line. Speed resistance lines not only help to measure trend corrections but also measure the speed of a trend (the rate at which a trendline ascends or descends) Traders can use the lines of the Fibonacci Speed and Resistance Fan to predict key points of resistance or support, at which they might expect price trends to reverse. Once a trader identifies patterns within a chart, they can use those patterns to predict future price movements and future levels of support and resistance. Traders use the predictions to time their trades Nobody appears to know whether Fibonacci tools work because markets exhibit some form of natural pattern or because many investors use Fibonacci ratios to predict price movements, making them a self-fulfilling prophecy. In any event, key support and resistance levels tend to occur frequently at the 61.8-percent level (0.618) on both uptrends and downtrends Fibonacci Speed and Resistance Fans vs. Gann Fans Gann fans are another form of technical analysis based on the idea that the market is geometric and cyclical in nature. A Gann fan consists of a series of trend lines called Gann angles. Instead of relying on Fibonacci's golden ratio of 1.618, Gann believed the 45-degree angle (geometric angles of time versus price) to be most important. The Gann fan subsequently draws additional angles at 82.5, 75, 71.25, 63.75, 26.25, 18.75, 15, and 7.5 degrees. These angles are superimposed over a price chart to show potential support and resistance levels Step By Step Applying Fibonacci Speed and Resistance Fan Some interpretation examples: Example of how to identify if the move is Reversal or Retracement All the above are now available with the Auto Fibonacci Speed and Resistance Fans Study ʙʏ DGT ☼☾, LINK to Auto Fibonacci Speed and Resistance Fans Study
Education
by dgtrd
40
Dead Cat Bounce ScenarioHello, dear subscribers! Today we are going to examine a very interesting chart pattern which can help you to find the hidden danger in the market. The dead cat bounce is the reverse bearish pattern, hence the market should be in the uptrend before it's formation. After the swing high point is reached the sharp price drop usually follows. When we are able to identify the swing low we shoud measure the first bounce height. For this purpose we can use the Fibonacci retracement levels from the swing high to the swing low. For the traditional markets it is typically used the 0.5 Fibonacci level, but on the cryptomarkets the 0.61 level can be used too due to high volatility. If the price was unable to close above this Fibonacci level during the first bounce, there is a high probability of dead cat bounce scenario, when the price continue to fall and the global downtrend changes the uptrend. We use the current Bitcoin price action to illustrate this pattern. There is a big danger now to execute exactly this scenario. Please, be careful! DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Education
by Skyrexio
11
EUR/AUD Buy Trade Education ReviewHere I'd just like to go over a great buy position on EUR/AUD. We know the pair is in a long term downtrend. This doesn't mean we can't take intraday buys on the pair providing we target sensible levels. Here we are highlighting how a trendline can be utilised as dynamic resistance. The fibonacci level drawn from our 1hr swing low to high shows that our 0.764 level coincides with our descending trendline and adds confluence to the buy position. Never trade off fibonacci levels alone, but as confluence and to help you manage trades they are absolutely fine. We can see our sensible target is the previous 1hr swing high.
Education
by Jal121
EDUCATION: Logarithm Growth Curve Hello, dear subscribers! Today we are going to examine very simple and intersting instrument which is applicable for the global price movement analysis. The logarithm growth curve is based on Fibonacchi retracement levels. As it is known the Fib retracement based on swing high and low levels. But in case of growth curve we use the logarithm scale to take in account the periods of the fast growth (to the moon periods). The price usually faces with difficulties to break through the Fibonacci levels. We can notice massive pullbacks near these levels or the price growth in cases of breakouts. Let's consider the current situation on the Bitcoin market. There is a rejection of 50% Fibonacci level. Now we should observe if the price break through this level or the drop began now. If the first scenario occurs we can see a massive growth to 61% or 100% Fibonacci levels. DISCLAMER: Information is provided only for the educational purposes and should not be used to take action in the markets.
BITSTAMP:BTCUSDEducation
by Skyrexio
6
How to Properly Use the Fibonacci Retracement ToolI've recently come across a lot of posts where the fibonacci retracement tool was erroneously used, and this gave me a good idea for an educational post. Introduction: The Fibonacci Sequence - Before talking about fibonacci retracements, it's important to understand what fibonacci sequences are. - Fibonacci sequences are numbers that are equal to the sum of the preceding two numbers, starting with 0 and 1. - So a fibonacci sequence would look like this: 0, 1, 1, 2, 3, 5, 8, 13, 21, and so on. - The fibonacci sequence is also known as nature's code, as these numbers are commonly found among nature as well. The number of petals of flowers is a prime example. The Fibonacci Ratio - The fibonacci ratio is derived by dividing the numbers within the fibonacci sequence - The 0.618 (61.8%) for instance, is approximately the value when we divide 21 by 34, and 55 by 89 - The 0.382 (38.2%) ratio is calculated by dividing a number by another number located two spots to the right. - The 0.236 (23.6%) is calculated by dividing a number by another one three spots to the right. - Just like the fibonacci sequence, fibonacci ratios are commonly found in nature as well, through flowers, galaxy formations, and spirals on shells Fibonacci Retracement - The fibonacci retracement is a tool in which horizontal lines are drawn to help traders identify support and resistance - These horizontal lines are based on the fibonacci ratios - Interestingly enough, just as the fibonacci ratios are commonly found in nature, they are also found in the market, reflected by charts - A fibonacci retracement can be identified by connecting the swing high to the swing low of a downtrend, and the swing low to swing high of an uptrend - The connection between the high and low points are where most traders get confused. Application - On the left hand chart, we can see that the swing high has been connected with the swing low - As a result, we could identify possible resistance levels for Bitcoin's bullrun in 2019. - Prices touched the 0.618 fib resistance level , and eventually attempted to break the 0.5 fib, but failed - We can also see that the 0.382 and 0.786 levels played a key role as support and resistance - On the right hand chart, we can see the swing low connected to the swing high - Based on the fib levels of this retracement, we could identify strong support at the 0.786 level, around $4k. Conclusion The fibonacci retracement tool can be a very effective way to identify areas of support and resistance , but they need to be applied correctly. Don't forget to connect the swing highs and lows based on the trend! If you like this educational post, please make sure to like, and follow for more quality content! If you have any questions or comments, feel free to comment below! :)
BITSTAMP:BTCUSDEducation
by Michael_Wang_Official
43
Fibonacci Levels - Rocket Bomb's EDU post 🔥Hi guys, as I promised, this post is about Fibonacci Levels for YOU!🧡 Leonardo Fibonacci is a great mathematician who lived in the XI century. The scientist deduced a number of natural numbers, which later began to bear his name. Each number in the series was the sum of the two previous numbers: 1 + 1 = 2; 1 + 2 = 3; 2 + 3 = 5 etc. The result is a series of numbers: 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc. Fibonacci numbers have some properties: 📌Division of any number of the series into the subsequent tends to 0.618 (the golden ratio in ancient Greek and ancient Egyptian cultures); 📌dividing any number of the series by the next + 1 tends to 0.382; 📌dividing the subsequent number of the series by the previous one tends to 1.618; 📌division of the number of the series by the second number preceding it tends to 2.618. Fibonacci numbers are often used not only in technical analysis , but also in physics, astronomy and other disciplines.💪🏻 Fibonacci levels are a tool that sets horizontal support and resistance levels on the price chart based on price movement. It's important to understand, that Fibo levels work well when there is a trend in the market. How to determine Fibonacci levels? To determine Fibonacci levels, you need to find the recent significant high and low of the last price movement. When plotting levels for a downtrend, the first point should be at the maximum and the second at the minimum. For an uptrend, you need to do the opposite. Click on the low of the price swing and drag the cursor to the high. In this case, the construction of levels always occurs from left to right. How to trade by Fibonacci levels? The basic variant with an upward movement: we determined the minimum and maximum, set the levels, waited for a rollback, entered the market. The price continues to move - we drag the levels to a new maximum, wait for our rollback level, and enter the market. In a downward movement, we do the same, entering a movement on a pullback. The technical analysis usually uses the number 0.618 or 61.8%, 0.382 or 38.2%, as well as the psychological half (middle) of 50%. ✔ Very often, based on these coefficients in the technical analysis of the market, Fibonacci lines, Fibonacci levels and Fibonacci periods are built. Fibonacci lines are built relative to significant highs / lows and represent support or resistance lines, from which they make a purchase or sale. Fibonacci numbers - the magic of numbers that works in trading and in everyday life . 💥You can simply draw arbitrary horizontal lines on the chart, and ... oh that's mystic... they will also be worked out both in the past and in the future.💥 We can make some conclusions: 🔵Fibonacci tool draws support and resistance lines on the chart based on price movement; 🔵the Fibonacci tool is always applied on the price chart from left to right, both in the case of long positions in an uptrend, and in the case of short positions in a downtrend; 🔵the levels marked between the beginning and the end of the price movement are correction levels, they show which levels the price is likely to return to; 🔵the most common Fibonacci retracement levels are 38.2%, 50% and 61.8%, they are often used to enter the market; 🔵there are two ways to use correction levels to enter the market: aggressive (entry at each of the levels) and passive (waiting for the price to correct in the originally observed direction); 🔵It's important to note that Fibonacci levels are not a trading system, they are an additional tool that only suggests possible correction levels; it should be used only in combination with a trading system or as part of a trading system. I hope everything was clear for You, and You found this post as helpful🙏🏻 I really wanna be useful to you, guys! I make every post with love and it brings me extraordinary pleasure!🙏🏻 Thank you for staying with me💋 Always sincere with You🧡 Your Rocket Bomb🚀💣
BITSTAMP:BTCUSDEducation
by RocketBomb
30
Simple and effective use of Fibonacci correction levels Hello, Traders! Today I will explain how to use a trading strategy based on correctional Fibonacci levels as simple and rational as possible. Using the ZIL example, we will highlight the period from November 4 to 25, where the price has entered an uptrend. Our task is to stretch the Fib retracement from the beginning of $0.01666 until the end of the uptrend of $0.03681. We place 4 buy orders at correctional Fibonacci levels : 0.382 (0.02911) - 10% of the transaction amount 0.50 (0.02674) - 20% of the transaction amount 0.618 (0.2436) - 30% of the transaction amount 0.786 (0.2097) - 40% of the transaction amount SL should be placed under the level 0.786. In our case, it is 0.01921 $. The average price of entering the transaction, in this case, will be $ 0.2396. Thus, the stronger the price is corrected, the less the drop will be relative to the average entry price. The correction levels of Fibonacci from 0.618 to 0.0 of upward movement will be the targets. As a rule, after the correction, the price bounces from the levels and we will have an opportunity to close a deal at least without losses, and at best make a good profit. This is a very simple and effective strategy that has proven itself not only on a daily timeframe, it can also be used on shorter price movements. It can also be used on other price movements like H4 or H1 timeframes. Leave your feedback below and good luck!
Education
by UnknownUnicorn10064030
4
How to Objectively place Fibonacci RetracementsI've seen people place retracements in interesting ways and just want to show an objective way to place your retracements. You need a top, a bottom, and a corrective wave or reversal that you are analyzing. Now, fibs are everywhere and you can place them however works best for you and there is no ONE way, but this is for people who want to approach learning fib in the most objective way possible. I believe it is smart to have strict rules in your trading system and rules that align with what most pros are used to following. Good luck, HOOP
OANDA:XAUUSDEducation
by HOOPFOOD
1
Fibonacci lesson Explained September 2020Hello Dear Traders, here is the full Fibonacci Tool ( explained) Lesson Please Press Like and follow!! Conditions - 1.Wait for confirmation Before Entry ( @ 61.8 or 38.2) ** Whichever is lined better with Structure**. 2.Use Market Environment + Market Structure for entry. 3. Trade always using correct risk management! If your not sure? comment below and ill be happy to help you all For FREE Use a demo account to back-test This lesson! A like and a comment will create more Free Analysis & Forex Education. Your Support is Appreciated! See You in the next Educational Video / Analysis Global Fx Education
Education
by Global_Fx
Methods 2: Retracement Levels 1This is the first installment in my second section on Methods I use for finding Support and Resistance. I use a live trade example on FOREXCOM:EURAUD to show how the simple 50% Fibonacci level was all that was needed to find where the price would inflect. While I am aware and have studied the Fibonacci levels I find that just drawing 50% levels is all I need to find good trade entries and targets. Hope all can learn from my small mistake and look forward to sharing more! The script I wrote for to quickly identify these 50% levels are in the Link below.
Education
by norok