Please help with a simple Fibonacci question

iecus

Tham gia từ Sep 27, 2016 1bài viết

Nov 30, 2016 at 08:04

Tham gia từ Sep 27, 2016 1bài viết

Hello,

Newbie to forex and I started learning about Fibonacci, because I know so many use them differently I try to read multiple books or watch multi videos to find those using it the same for confirmation that I understand how to use it. I see too many doing the Fibonacci retracement and the expansion differently as in where they start to plot the line.

I'm hoping by the pictures and the notes I left them in can help you to help me understand which is the right way to draw the Fibonacci expansion.

Thank you

Đính kèm:

snapdragon1970

Tham gia từ Sep 12, 2015 1933bài viết

Nov 30, 2016 at 12:52

Tham gia từ Sep 12, 2015 1933bài viết

C is the way I would have used it, although there are other factors to consider those peaks are suggesting a down trend plus the lower low, a lower high wouldn't put me off but a lower low would.

"They mistook leverage with genius".

xgavinc

Tham gia từ May 11, 2011 219bài viết

Nov 30, 2016 at 14:59

Tham gia từ May 11, 2011 219bài viết

I agree with kieran. But Fibonacci should not be used as the only indicator (it's not meant to be used alone - a strength indicator can be used to determine if it will break support and resistance levels for example). Always go with last highest high and last lowest low. It should also only be used on timeframes 4H and above (your 1D is good).

It may actually be due for a move up at 1.04500, strong move through that may indicate further downward trend.

For every loss there should be at least an equal and opposite profit.

EURUSD	1.11549	GBPUSD	1.32809	AUDUSD	0.64069
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