Hi, i was taking a look at todays GBP/USD 15m chart and was trying to apply my knowledge of fibonacci. I think i have setup the fib retracement correctly (?). Based on what you see, i would be interested in knowing at what point roughly would you have entered the market and why - bounce off the 38% fib support level and upon confirmation?
Also, can somebody point out where / how the fib extension should have been drawn and roughly where the take profile / stop loss’s should have been set?
You can use fibonacchi to have some point-centric ideas over the market. Many experts suggest traders to use this indicator.
Thanks but can you draw on the chart where I should be plotting the fib extensions based on a long position?
Fibonacchi is one of the popular trading indicators that give traders point-centric forecast.
Hi all, yes I understand what fib is BUT it’s the drawing of the extension which I’m slightly confused with. Would anyone be able to explain where on the graph above it should be drawn??
More or less people use fibonacchi to find out several technical points on the market. But you should have the capability of drawing the lines on the market.
Fibonacchi is a great indicator that will help you catch the market’s technical points but you have to draw it nicely.
Fibonacchi is a great indicator to follow as it provides traders with point-centric ideas.
