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Forex Strategy: What Is Fibonacci Trading?
Day traders use Fibonacci retracement lines to determine market entry and exit points, as well as stop loss and take profit targets. Fortunately, the process is easy to understand, but first, you’ll want to learn about the underlying numbers.
Actually, repeating lines are based on the Fibonacci Sequence – discovered in the 13th century by the Italian mathematician Leonardo Fibonacci. This sequence is a series of numbers that occur naturally in various forms in nature. The first two numbers in the list are 0 and 1. Then, you can calculate the next number by adding the last two numbers in the list together. So, the sequence is:
0+0 = 0
0+1 = 1
1 + 1 = 1
1 + 2 = 3
2 + 3 = 5
3 + 5 = 8
5 + 8 = 13
And it goes on like this
Finding Gold for the Fibonacci Exchange
Using these numbers, you can find several levels, which are very important in Fibonacci trading. You can find the “Golden Ratio” by dividing each number by the next number in the list. For example, 13 divided by 21 is .619 and 21 divided by 34 is .617. In other words, the Golden Ratio is about 61.8 percent.
In addition, two other figures .382 and .236 are also used in Fibonacci Forex trading. These numbers are found by dividing two alternating numbers to get .382, such as 144 and 377, and the ratio of .236 is found by dividing the number by the third number to its right, such as 5 and 21. Fibonacci Sequence.
But now, you might be wondering how series and ratios are used in Forex trading.
Using the Fibonacci Ratio in Forex trading
In order to properly use Fibonacci retracement lines, you must first analyze the technical aspects of recent charts. For example, if you use an hourly chart, look to see if you can find a high or low. When you find a rough path, you need to draw a line above and below the event. This represents 0 and 100 percent. Then add the Fibonacci retracement lines at 23.6 percent, 38.2 percent and 61.8 percent.
If it’s an uptrend, the lines will start at the top – it’s 23.6 percent near the top of the chart – and for a downtrend, the Fibonacci lines start near the bottom, with 23.6 near the bottom.
These retracement lines act as support and resistance levels. Therefore, if this trend was at the top of the chart, theoretically, it would have reached the resistance level of 23.6%. If it doesn’t break this level, you know it can jump again, before you try again 23.6 percent. If the 23.6 percent line is broken, the next support level is 38.2. Thus, the price of these two currencies can measure the level of 38.2.
In other words, return lines act as reference points on charts to help daily traders determine entry, exit, stop loss and take profit targets.
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