I don't understand what Fibonacci

I was reading about Fibonacci in the school of pipsology but I can’t get the explanation, please I need someone that can explain it to the fullest for me I will be grateful

Fibonacci is another way to set support and resistance levels. If you plot a Fibonacci retracement tool on an uptrend or downtrend you will notice that the price actions react to those levels (23.6, 38.2, 50, 61.8, 78.6,100).

This is a trade from last week I think. Notice how the price behaves at these levels. Whether it is psychological as most traders learn the same basics or some mysterious equilibrium in nature price will usually respect some levels. Hope this helps :pray:t5:

There is nothing to worry about if you don’t understand Fibonacci because most brokers offer Fibonacci calculators where your little knowledge will also help.

This is especially convenient to use on a daily schedule. Be sure to try it. But it is important to figure out which part of the schedule you will place the grid.

If you’re unsure about how to use Fibonacci retracement and plot it on a chart I would suggest going to YouTube for a visual tutorial on how to do it. Plenty on there.

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In fact, this strategy is not as complex and scary as you might think.
And it is really suitable for everyday work.

When I was a beginner, I thought that it would be easy for me to make money by trading forex. But when I entered the market, reality hit and I realized that it is not what we see. There is a lot one needs to learn before risking money.

These are commonly used in forex trading to identify and trade off support and resistance levels.