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Hello all, i am currently trying to learn how to trade using fibonacci tool and would very much appreciate any help from members of this great forum.
thanks in advance
paragon.
I think you can use fibo indicator at any time frame coz the each fibo level (let say level 23.6 or 38.2 and other levels) should be showing the same price (for each fibo level) on each time frame. In other word, no matter time frame you put your fibo indicator, it will show the same price for each level.
Following is the fibo indicator that I currently use. Hope it would be useful.
the greatest challenge i am facing with Fibonacci is determining where the market is going to be heading.
sometimes i make the setup for sell and it ends up buying instead.
can anybody please shade more light on how to setup Fibonacci on a chart properly.
thanks
paragon.
the greatest challenge i am facing with Fibonacci is determining where the market is going to be heading.
sometimes i make the setup for sell and it ends up buying instead.
can anybody please shade more light on how to setup Fibonacci on a chart properly.
thanks
paragon.
Try looking for the most recent highs and lows (for example on a 4H chart): draw your Fib from left to right, so if the highs are rising you'll have a setup on the long side.
The question of what time frame for Fibs is a rather large question. It depends on what you want to do. If you want to catch big moves then draw fibs from the previous days high and low. Waite for the price to get to one of the fib points then drop down to a smaller time frame..like 1hr and see the reaction there. Does it turn on that point ect. Usually you can then get a big move.
You can use fibs on 5min charts and trade off 1min charts. All you do is again draw fibs on 5min wave high and lows and trade when the 1min turns.
A very successful way of trading fibs though is when multiple time frame fibs converge around 1 point. This is a very powerfull indication that price will bounce and retrace. A easy way to trade big moves or just scalp small ones.
Fibs can be successful on all time frames..You just have to understand what reaction is at those points.
The basic algorithm to use pivot points for
selected TP . Fibo line only justification prime number from integration math logic . Setting up or down seen from fibo line. For advance your learn fibonacci number.
I am looking for a fib tool, do not know if it exists but the idea is simple.
You draw it on your chart, after a break of the upper fib (100) it places an order on an inner level (38.2) with a set stop (0) and a set tp (138.2)...if price hits the 138.2 without retracing to the 38.2 the order is cancelled. Can anyone help or suggest somewhere to go to ask a coder? We have many talented coders here...do we have a thread to request indi's programmed?
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