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    Thread: How to use Fibonacci and how much dependable it is?

    1. #21
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      Quote Originally Posted by Pongsakorn** View Post
      Fibonacci is a good tools to be use in this forex market because it can show possibility of price to bounce or retrace to enter on continuation or reversal.
      It can be use for multi time frame trading and also combine it with moving average for knowing the curren trend in the market today.
      i always get confuse when using fibonacci tool on my metatrader 4. I read somewhere that there are rules for properly using it and one of the rule is to drag the fibonacci from left to right which is confusing because some people drag it from right to left.


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    3. #22
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      Quote Originally Posted by Borneo Scalper View Post
      i always get confuse when using fibonacci tool on my metatrader 4. I read somewhere that there are rules for properly using it and one of the rule is to drag the fibonacci from left to right which is confusing because some people drag it from right to left.
      Yes, I was also confused before when using the fibonacci. But later I found out that using fibonacci is dragging from the left to right because we want to see the percentage of the retracement. The first spot where we drag the fib from is the 100% level which means the price when reaching that level it means it reached 100% retracement. Many people get it wrong. But I think it's also still fine because if you only use the value percentage of 0%, 38%, 50%, 61% and 100% then the levels are exactly the same whether it's correctly drawn or upside down.
      Traders don't know the future that is why traders need market scenarios.


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    5. #23
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      Quote Originally Posted by Beautiful Quynh View Post
      Yes, I was also confused before when using the fibonacci. But later I found out that using fibonacci is dragging from the left to right because we want to see the percentage of the retracement. The first spot where we drag the fib from is the 100% level which means the price when reaching that level it means it reached 100% retracement. Many people get it wrong. But I think it's also still fine because if you only use the value percentage of 0%, 38%, 50%, 61% and 100% then the levels are exactly the same whether it's correctly drawn or upside down.
      I agree with you that fibonacci if used upside down it's still the same effect if only use 38, 50 and 61 and I see this in many members too.
      Those number is very popular with many trader around the world so it's good to use also.


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    7. #24
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      Its really easy to draw fibo in your charts you can use zigzag on daily time frame and then go to lower time frame for trades. Still if your confuse to do so Ill share auto fibo for you just set the indicator in your char and it will draw fibo for you.. Remember this indicator will repaint mostly so try to draw it on higher time frames.

      Attached Files


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    9. #25
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      Quote Originally Posted by Pongsakorn** View Post
      I agree with you that fibonacci if used upside down it's still the same effect if only use 38, 50 and 61 and I see this in many members too.
      Those number is very popular with many trader around the world so it's good to use also.
      we can drive in reverse all the time if we want because it will still reach our destination. But should we do it just because we can? I think this is a serious issue to think if we want to be a professional trader.


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    11. #26
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      Quote Originally Posted by Aviz View Post
      Its really easy to draw fibo in your charts you can use zigzag on daily time frame and then go to lower time frame for trades. Still if your confuse to do so Ill share auto fibo for you just set the indicator in your char and it will draw fibo for you.. Remember this indicator will repaint mostly so try to draw it on higher time frames.

      This is very good incidator because we can draw fromu sing the zigzag indicator which is already available in the default trading platform.
      Thank you for the indicator mister moderator, thhis is very helpful for many new traders and those who still learn how to draw fibo.


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    13. #27
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      Quote Originally Posted by Viktoras Karapetjanc View Post
      Hello,

      Actually Fibonacci is my favourite indicator and I do a lot of analyses with it.
      The simple way of using it to connect lows and highest points in an uptrend and visa versa in a downtrend

      Example:

      You can connect point A with point B, where A is 0% fibs, B is 100% fibs.

      The same way you can connect C with D and also you can connect A with D.

      The fibonacci can and should be used on multiple timeframes and if you see a cluster, it could tell you about strong support or resistance level.

      You can see how I use fibs by going to my signature.
      This is a good use of the indicator and so with this analysis and determination of these points then the trader can make profits with fibonacci, but actually it is hard to determine the point A and the traders will have different analysis for determination of it, i use fibonacci with candlesticks especially the reversal candlesticks as them with fibonacci give good signals together.


    14. #28
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      Fibonacci lines are one of the tools of technical analysis used by the trader to determine the direction of the market and its movements and also called the name Fibonacci retracements,
      It is also one of the most common technical indicators used by investors in markets to help them understand and analyze the movements of the market and the currency pair to be dealt with,
      The majority of Forex brokerage firms offer this indicator through online trading platforms or computer applications. Fibonacci lines also help traders to identify support and resistance points easily through the chart.
      Thus, profit points are determined, in addition to the points of entry and exit of the market, and also the possibility of determining a plan to exit the trader of transactions in the absence of the development of its trading strategy.

      ---------- Post added 04-30-2018 at 12:52 PM ---------- Previous post was 04-29-2018 at 11:37 PM ----------

      I think we should use a Fibonacci time frame and that trend lines and horizontal lines can work together and give us what we want,
      But at least we should learn the basics of candlestick patterns and when there is market size


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