Hi, I just joined the Forum and I want to learn how to draw Fibonacci circles from basic to Advance level. How to trade Fibonacci circles and how to keep making new ones on the same chart as the time passes. your help would be really appreciated. Thanks.
I'd go 1 step further, delete all line-drawing ability from software. I made a comment yesterday... drawing lines and posting charts is one of the biggest problems among amateurs.. it's like passing shit from 1 guy to the next then to the next. ask yourself... when the price touches your line or circle... is there an alien space ship that sends electromagnetic waves to other traders to buy or sell? sounds absurd right... but that's basically what drawing is. approach the market with logic, with the understanding of human emotions.... you are trading against OTHER HUMANS... you should know how they feel because you feel the same things.. there are no alien ships out there... yet.
Not a fan of Fib-Arcs myself, but that doesn't mean they won't be useful to someone else. https://tradingsim.com/blog/fibonacci-arc/ OP: Search engines are your friend!
There is hazard in asking such questions in an environment where many can't trade nor know how to read a chart but are eager to give their largely useless opinions anyway. Most charting software have many technical tools such as fib variations. As far as how to trade them and the measure of their efficacy, it's up to you to observe and hypothesize and test. You have to do the work.
that was the whole point... guy asked for help.. and some are trying to help.. myself included. if possible to bet - take 100 guys in each group... 1 group with bare chart with no drawing ability at all, no indicators at all... group 2 with popular charting software... give them a couple of years to go at it.. group 1 will have far higher chance of success as they will be forced to go directly to the very core of the market actions and what drives those actions..while group 2 will waste too much time with the alien spaceship.
Damn right that sounds absurd! All one needs is a Haitian voodoo ritual performed during the appropriate phase of the mammalian circadian clock!!
You don't need fibo retracement, fibo circle, fibo arc, fibo extension, fibo segment, fibo triangle, fibo rectangle, fibo pentagon .... To be successful in trading Just because sea shell follows fibo numbers, it doesn't mean u will earn money by using those fibo things
I use the Fibonacci line tool to mark my entry into pullbacks, it's one of the most important tools for me to have a consistent entry point. Your chart should have a tool where you drag from one spot to another, and it will mark the different percentage points. Depends on your charting software.
%% I've got enough tech indicators on my charts; but I thought it was fibo numbers + levels.I slightly remember some circles; but 300+3,000 circles 0r even 300.00 or 300.000...…….My mind+ eyes start getting tired late anyway.NOT a prediction; I simply use more lines than circles.