How to use fibonacci indicator in forex - Forex Pivot Points | Trade Forex South Africa
Back to a topic we are more familiar with, Fibonacci.
Many trading strategies have been developed using Fibonacci but did you know the origins of the Fibonacci series is actually from the Golden Ratio? If you divide one number by the previous number, what do you get?
But do remember if you use the numbers at the starting of the series, you answer is not very accurate, however, the higher up the series you go, the more accurate it gets. If you are a Technical Analyst, Fibonacci is probably your good friend.
In all 3 applications, the golden ratio is expressed in 3 percentages, Fibonacci retracements are areas on a chart that indicate areas of support and resistance. For Fibonacci Retracement, they are horizontal lines, for Fibonacci Arcs, they are curved lines and for Fibonacci Fans, they are diagonal lines. For simplicity, I will explain using Fibonacci Retracement.
Most trading platforms will allow you to plot Fibonacci Retracement lines, but many investors do not know how to use this tool. It is actually very simple. First, you identify if the trend is up or down. Breaking all three level usually is an indication that the trend has reversed.
After 6 months of trading, notice that the price of DBS reversed only to the In fact, it happened almost 5 times in the 6 months period. An average trader would only now realize that this is fibbonacci resistance level, but if you had used Fibonacci retracement, you knew it 6 months before him.
Going forward another 4 months, the price of DBS finally breaks the fibonadci Learn how to identify and utilise tops and bottoms on a price chart. Get to know various reversal patterns and how they help trend-following traders. Explore the advantages and disadvantages of entry confirmation signals.
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