Basic trend of the market, or the last trend in the chart?
Jun 03, 2016 at 08:27
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2 Replies
Membro Desde Jun 03, 2016
1 postagens
Jun 03, 2016 at 08:27
Concerning Fibonnaci retracement, when I want to retrace fibonacci on the chart , do i have to depend on the general basic trend of the market, or the last trend in the chart?
Membro Desde Jan 30, 2017
12 postagens
Feb 13, 2017 at 11:13
Basically, Fibonacci retracement tool is the trend line analysis. It is the best toll used when market is trending, so this makes a lot of sense. Whenever the pair is in downtrend or uptrend, the traders use Fibonacci retracement as a way to get the trend. It helps to locate the levels where Fib levels line up right smack/break the trend. It also helps in small term trend line which occurred in past couple of days. Fibonacci retracement levels help the price which bounced before heading back up. If you have set some orders at that specific level, you will have a right entry.
Membro Desde Feb 12, 2016
522 postagens
Feb 14, 2017 at 09:56
Hello,
Fibo levels should be applied in general trend. If you monitor for example daily chart, the levels should be applied from the bottom to high in uptrend (in downtrend should be in opposite) in order to find the percentage retreatment of the general moving.
The levels will show you general supports and resistance.
Some traders added few Fibo's on different time frames in order to get better picture - but this is too individually and depending form the trading strategy selected :)
Fibo levels should be applied in general trend. If you monitor for example daily chart, the levels should be applied from the bottom to high in uptrend (in downtrend should be in opposite) in order to find the percentage retreatment of the general moving.
The levels will show you general supports and resistance.
Some traders added few Fibo's on different time frames in order to get better picture - but this is too individually and depending form the trading strategy selected :)
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