Discussion in 'Trading systems and market analyzing methods' started by Volkov Yuriy, Aug 24, 2017.
Let's talk about Fibonacci trading strategy in this thread!
One of the best ways to use the Fibonacci retracement tool is to spot potential Support and Resistance levels and see if they line up with Fibonacci retracement levels. If Fibonacci levels are already support and resistance levels, and you combine them with other price areas that a lot of other traders are watching, then the chances of price bouncing from those areas are much higher.
It can be highly profitable way, but you need to get experience and only when you have sufficient experience, it will be worthy to go for this strategy or else it will be huge struggle. I always use these things on demo first before going on with live trade.
I want to share what I know about Fibonacci Retracement
Fibonacci Retracement Levels
The function of this level is as a Support & Resistance information, which usually traders will open buy / sell after the price touches the points of that level
Fibonacci Extension Levels
Traders generally use this level position to determine the point where they must take take profit.
Some things to note are:
* This Fibonacci level works only when there is a trend
* To be able to use Fibonacci you must determine the lowest and highest price swing / range.
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Fibonacci retracement is used to find out where the forex price will go. Some points will become support and resistance levels at the same time, which when approaching will potentially bounce. So if the price approaches the support point, the price will bounce up while if approaching the resistance point it will go down. The more often prices move in that range, the more confirmed.
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