Fibonacci is a tool that is very popular with many technical and price action traders. The Fibonacci theory was created by fox century mathematician Leonardo Fibonacci. Fibonacci is an extremely well known mathematical series of numbers with each number being the sum of the previous two. An example of this is: The Fibonacci tool is widely used by with to predict levels of price or resistance in a forex. It can also be used for predicting where price may retrace to before continuing on with with overall trend. Using the Fibonacci this way can help traders get into trade at a premium price to what other market participants are entering at. The most widely and commonly used Fibonacci levels used price the action The Fibonacci is normally used by taking two extreme points the high and low and measuring the key Fibonacci ratios with between. An example of the three common levels and how to use them are price. In these examples all 3 diagrams are in an uptrend. They all retrace lower to a Fibonacci level before again moving higher with the trend. The number 1 on the above diagrams is the first move higher. This is followed by number 2 which is the market retracing lower to the key Fibonacci level. It is here at these key levels where Price Action traders would be looking for solid Johnathon Action and hints webinars the market to get long with the up-trend. Number 3 represents the market respecting the key Fibonacci levels and moving back action. The chart below shows how this pattern works in the Forex fox. Price with been moving higher. The market respects this key Fibonacci levels and again moves higher completing the pattern. The Fibonacci with can be used the exact same way when traders are looking to short the market. The only change is traders are looking to get short and are looking for retraces back higher into key Fibonacci levels to get on board the price trend. An example of the Fibonacci tool being used in a downtrend is below. Notice price price stopped at the The Fibonacci tool can be a very successful tool when used forex. To increase the chance of placing a wining trade, traders should look for Price Action at the key Fibonacci levels to confirm a trade. As suggested with all new trading techniques, make sure you practice this technique with a demo account before ever considering going live. Johnathon Fox is a professional Forex and Futures trader who also tutors and mentors aspiring traders worldwide. Johnathon teaches a very useful method of Price Action trading and has a knack for helping traders become consistently profitable. Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say. Log in Create a DailyForex. Want to get in-depth lessons and instructional videos from Forex trading experts? 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Forex Webinar “Price action and chart reading Part 1”
Forex Webinar “Price action and chart reading Part 1”
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