Hey traders! If you’re looking to up your trading game, Fibonacci Retracements are a powerful tool you need to know about. They’re fantastic for identifying potential support and resistance levels during market corrections, helping you anticipate where prices might reverse. Let’s break down what Fibonacci Retracements are and how you can start using them in your trading strategy. What Are Fibonacci Retracements? Fibonacci Retracements are based on the Fibonacci sequence, a series of numbers that reflect natural patterns found in everything from nature to financial markets. In trading, Fibonacci Retracement levels are drawn between a significant high and low point, creating key levels at 23.6%, 38.2%, 50%, 61.8%, and 78.6%. These levels indicate where the price might pause or reverse during a trend. How to Use Fibonacci Retracements in Your Trading Here’s a simple guide to using Fibonacci Retracements: Identify the Trend: First, find a significant upward or downward price movement. This will be the range for your Fibonacci levels. Draw the Retracement Levels: In an uptrend, draw from the swing low to the swing high. In a downtrend, draw from the swing high to the swing low. The Fibonacci levels will automatically appear on your chart. Analyze the Levels: These levels act as potential areas of support (in an uptrend) or resistance (in a downtrend). Watch how the price reacts at these levels—if it holds, it could indicate that the trend will continue. Ready to Learn More? If you want to dive deeper into how Fibonacci Retracements can improve your trading, check out my video tutorial. I’ll walk you through everything from the basics to advanced strategies, so you can start using Fibonacci levels with confidence. I’d love to hear how you use Fibonacci Retracements in your trading. Share your tips, strategies, and experiences so we can all learn and grow together! Happy trading!
Theories are useless unless you put them into practice. You should at least do the demo trading. And see if the fibo stuff helps you earn money. One thing we know; fibo works very well on sea shells.
Please give us a break. Draw 5 lines and one of them should stick, which means a 20% correct rate, and the need for a GREATER than 4 profit factor, ... to break even. If you want some love, show us how to know when Fibs don't work and why, so we can filter out the ones that do work. Otherwise this is just random stuff and a waste of time. The only way this "ups your game" is that you know Fibs are not a trading indicator that you can bank upon.
If you are going to continue to drive traffic to your basic newb level YouTube videos maybe Baron would appreciate if you should consider becoming a ET Sponsor.
Hey! I'm the Elliott wave guy around these parts! I nailed Bitcoin price 3 months out...nobody here cares. Here is a before and 3 months after split screen. Here is the original post on Mar26