Fibonacci
Can somebody give me a little explanation on Fibonacci? and how it can be used. and please post any indicators that can help as well thanks. been trading a while and kinda embarrassed
to say i dono how to use them properly. thanksHey wannabe,
You will find out way more if you google it.
Some traders use it as a retracement of a previous move, generally 38.2%, 50% and 61.8% are used, to gain a lower risk entry for when the trend continues. Also some use the 61.8% extension as a profit target.
These retracments are used as support and resistance in trading .
As for indicators there is the built in one, click on insert on top toolbar move down to fibonacci click retracement. Goto the chart, always work from the left to the right, for uptrends click on a major low and drag to the last high then release and from high to low for downtrends. Double click on the diagonal line to highlight the end points, click and drag these to other highs/lows or delete button to delete object.
Look for spots where fib retracemnets line up with other supp/res lines as possible reversal points.
This is only general advice but it should get you started.
If you study this you will find fibonacci numbers everywhere fractals, flowers, trees, shells, waves, galaxies. I find that we humans have an affinity with these numbers too, we are 1 body, 2 legs, 2 arms, 3 body parts (head, torso, legs), 3 parts to each arm and leg, 5 fingers and toes just to name the basics.
All the best,
Swagman
I think you better learn 1 to 2 years before trading
when forex movement throw you disorientated, it is likely that you make a loss
like the outbreak of news recently
when there is an outbreak, retracting -- how far will it go? answer 30 to 35% of the first continuous outburst (fibo basic)
but fibo is not an exact science, -- how to know the outburst is finished in one direction and U-turn === this will get you puzzle and disorientated when you are reading the current candle (i.e. you don't even know the current candle is continuous outburst or U-turn)
when you see money in forex -- for newbie, you will never know that it is GAIN or LOSS for you == so everything you see is not what it seems to be
there is fibo in MT4, very easy to draw fibo with that one click and one drag
Fibo & Gann variations:
-ALL W D Gann Stuff thread is here.
- indicators is here.
- all the forex-tsd links to fibo (video, articles, indicators, systems and so on) is here.
- Fibonacci Levels with Price included... posted here.
- Editing Fibonacci levels optionsexplained here
- Camarilla Indicators are here and here and here
- Something about Andrews Pitchfork is here
- COMMITMENT OF TRADERS(COT)Indicator here
- Auto Fibonacci by Codersguru is here
- Fibo Circle indicator by cja is on this post.
And this old thread:
https://www.mql5.com/en/forum/173037
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Can somebody give me a little explanation on Fibonacci? and how it can be used. and please post any indicators that can help as well thanks. been trading a while and kinda embarrassed
to say i dono how to use them properly.
thanks