# Fibonaccis

I cant seem to place these on my chart, they seem the most logical for exit targets. anybody got a talk through?

So- what charting platform are you using?
Have you referenced the associated Help guide / user guide?
Have you contacted your broker or searched out the web on how to use FIB?

FIB levels typically correspond quite nicely with simple price action support / resistance zones. Just two different ways of achieving the same goal. IMO, the most logical areas for targets will be prior price levels where price was rejected / supported- regardless of what a FIB tells me.

If you’re using an MT4 or 5 platform, use a zig zag indicator in the beginning. The more you practice with the fib the easier it gets. Here’s a great video on Fibonacci. I’m not vouching for any products or services they’re offering just this fib video

Here’s a Plain chart

Draw your fib in this case from the lower to the higher line

Like I said the more you practice the better you will get at it. Hope that helps
Gp

Great explanation how do you calculate predicted take profit from fib levels?

First you find the trend. I do it for the purposes of this illustration bu applying the zig zag. Depending on your rules for how many times candles have to touch the line I use 2 or 3 some use 4.

Once you have the trend, You want to mark the nearest swing high to the nearest swing low. Again that’s how I do it, longer term traders will use different points.

In this case trend is moving up so you would apply your fib from low to high. Your fib tool levels are 0 - 100 You would want to trade a retrace my rules say I enter anywhere between the 62 to the 38% levels. If you’re new and just learning, I would change the area from 38 to 62 to 50% retrace levels. My rules say if price retraces more than 75% that’s a pretty good signal to let you know current trend is over.

As far as take profit areas. In this case if price retraces then goes back towards the zero level at the zero level price is no longer retracing, but after zero price would be an extension of the original trend.So if the trend retraces to between 52 and 38% levels for the trend to continue price would have to move back to atleast the zero level which is the beginning of the profit area. I modified my fib tool so I only use one fib retracement instead of 2 retracement and extension. So after zero n\my extension levels are the next in the fib equation.

What’s nice about this strategy is that your risk reward is nice even if price never went past zero level it’s still better than 1: 3 roughly. I set it up for me to pick profit areas instead of tops and bottoms.

It seems that mr. gp0003 is very talent in forex trading…
Is it true bapak??

Thank you I think. Not sure what babak means. Anyway I didn’t invent this, I learned it from the video at the beginning of this post. Great tool when market is trending.

Thanks to all , but now I know how to set them I’ve found C is passed and it’s halfway to the D before I realised the C was truly the C. Any help on that one,

helo Sirr, what can you share the video ? so i can learn with it…