hi
newbie here. just studying forex from babypips. was wondering if someone could guide me with where can i get material about fibonacci and elliot waves, apart from babypips ofcourse. any recommended videos or course on the net. thanx in advance
Try a Google search. There will be plenty of hits. Fibonacci Analysis by Constance Brown is a good book to start with.
thanx valkryder for yr help.
What makes you want to learn about Fibonacci?
Interesting reading but not sure how it relates to Fibonacci ratios.
hi i guess i need to learn fibonacci to read the charts. correct me if i am wrong. i have just started learning about forex and fortunately found this site. At the moment i m quite far even from demo trading. just collecting information and trying to get as much knowledge as i can get. thanks
It is based on mathematic pattern like the Golden Ratio.
It works like support and resistance.
Fibonnaci works only on certain currency pairs. It is not a universal
strategy. Therefore, good luck with the Fib stuff.
I sometimes, but not always, add a fibo to a chart AFTER I have entered a trade. I do this when i want to scale out of a trade when it is getting profitable. I take partial profits as a level is hit, these trades are usually on 4H or D. TFs, shorter TFs I just monitor and I usually don’t have that much at stake. Hope that gives you an idea of how they can be used. d.
I use it with every chart and find it remarkably accurate. It is not a perfect predictor of support and resistance but since many people use it it does have a self fulfilling affect to it.
There are at least 3 really good fib threads here on babypips you can read thru…
http://forums.babypips.com/free-forex-trading-systems/30406-system-cant-lose.html
http://forums.babypips.com/show-me-money-swing-trading/8204-fib-retracement-trading.html
http://forums.babypips.com/forextown/21934-30-pips-day-keeps-your-money-bay.html