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So I plotted the Fibonacci levels from the top to the bottom from 22 July to 17 Aug While going up, the price tested the It could not break below, and so the price went up. From 26 Aug to 1 Oct , price went up and down between the During this period of time, the It made a consolidation around the It had a hard time in breaking the It tried for ten days from 5 to 16 Oct to break the On 31 Oct , it reached the The price went much lower after it failed to break above the On 9 Nov it broke below the Like the As you know, consolidations including, triangles, wedges, pennants and channels are continuation patterns.
It means the price usually follows the same direction that it was following before the consolidation forms. Why do Fibonacci levels have such a strong impact on the markets. Why does the price become stopped sometimes for several days below or above the Fibonacci levels? Of course if you use the Fibonacci levels in the bigger time frames like weekly and monthly charts, you will see that sometimes the price becomes stopped by one of the Fibonacci levels for several weeks or months.
The answer of the above questions has no impact on our trading. I mean whether you know the reason or not, you can use Fibonacci levels in your trades. Fibonacci numbers are used in the formation of humans body, from the genes DNA molecule to the internal and external organs. So they should be effective in their behaviors too. It depends on your trading system. You can use Fibonacci levels in all time frames. Fibonacci trading is using the Fibonacci levels as support and resistance levels and taking proper positions based on them.
As I already explained, Fibonacci levels act as support and resistance levels. So when the price is going up and you have already taken a long position you have bought , you should be careful when the price becomes close to one of the Fibonacci levels. It is possible that it goes down and you lose the profit you have already made. So you have to move your stop loss to the open price of the first candlestick that is touching the Fibonacci level or a little higher.
It depends on the length of the candlestick. You can take a new position then. It is the same as when the price is going down, but in this case Fibonacci levels act as support. Also keep in mind that when one of the Fibonacci levels is broken, the price usually pullback to retest. If you get ready for all these possibilities, you will not be trapped. You have to treat the Fibonacci levels as the real support and resistance levels. They really have no difference and sometimes the price reacts to them very strongly.
Fibonacci numbers really work in forex trading because they reflect the psychology of the traders. Trading forex or stocks is all about knowing the psychology of the traders: When most traders sell, the price goes down and when they buy, the price goes up.
How can we know when traders decide to buy or sell? Fibonacci numbers are one of the tools that reflect what traders may have in their minds. They can not find the start and the stop points for plotting the Fibonacci levels. They choose the wrong points to plot the Fibonacci levels and this causes them to make mistakes. One of the best places to plot the Fibonacci levels, is the resistance and support of the ranging markets.
We can see the ranging or sideways markets on all different time frames. A range, long or short, will be broken finally because the market cannot stay in an indecision situation forever. A range can be broken down or up, and this is what we want to know to take our positions and follow the markets.
If you are a Fibonacci trader, all you need is finding a range on one of the time frames and then finding the high and low of the range. Let me show you some examples. Please follow the notes on the image below as you are reading these explanations. The distance between high and low of this range was over pips.
It was still tradable but obviously the market was not trending. Almost on January , we could not guess that we are at the beginning of ranging market, but when the price went down on Then, when the price went up and made a high at 2. On a ranging market, chart patterns like triangle, wedge or even head and shoulders can form. If the price breaks above the range, an uptrend will form, and visa versa. On the below chart, the price tested the 1.
So, this can be considered as a signal that the range would be broken down. However, we should always wait for a real breakout:. Almost all of the signs higher lows tell us that the range should be broken down. We have to wait until the breakout occurs.
When the support of the range is broken, we can go short and when the resistance is broken, we can go long. The signals indicated that the price would break below the range. Therefore, I plotted the Fibonacci levels from the low of the range to the top. So, the 0. Also, all other These numbers are called the Fibonacci Extensions:.
If the price had broken above the range, then we would have to plot the Fibonacci levels from top of the range to the bottom, and so the Please follow the below chart. The We could go short at the close of this candlestick if we were not already short after the formation of the Our target would be the The stop loss has to be placed above the open of this candlestick. When the price breakouts out of a range, the If the breakout is strong enough, the Among the Fibonacci retracement levels or the levels that are placed between zero and , the Before this lower high, we have a smaller lower high which is formed below the Do you see how exactly and precisely the Fibonacci levels work?
So we could go short at the close of As you see the below image when the price reached the It is time to emphasize on the importance of On the below chart, the price goes up and retests the You could go short again here, set the target at Again when the price broke down the Why the Because it is a bearish candlestick that closed below the low and the close of the last 5 candles. It also has covered the whole bodies and shadows of the last three candles and have formed a bearish pattern which is called Dark Cloud Cover.
This downtrend could be traded differently as well. You could wait for the price to break below the range support. Then you had to wait for the price to start going up and make the first correction, flag or consolidation. Then when it started following the downtrend to go down once again, you could go short.
Take a look at the below image and you will know what I mean. I am now talking about the Elliott Waves. What I am trying to say is trading the second Elliott Wave which is the best one. Please follow the numbers on the below chart. The below chart is the same chart above but with a different way of trading. In many cases, a trend will be started when a range becomes broken As you saw above.
As I said ranging means indecision. When we have a ranging market, it means traders are waiting for each other to take the risk. They want the price to start moving and then take the proper position. When the market breaks out of the range 1 in the below image , the traders who have been waiting for the market to move and break the range, follow the newly started trend and take the proper position short position in this case and this will provide more fuel for the price to follow the breakout direction to go down in this case.
Then after a while that the market keeps on moving, some traders decide to close their positions and collect their profit, and so the price starts moving to the other direction 2 in the above image. But there are also a lot of other traders who keep their positions and wait for the price to start moving to the direction of the breakout again. These traders will add to their positions, and at the same time, some other traders who are late, will come and see the trend and take the proper position.
Actually, he was a famous Italian mathematician, also known as a super-duper uber ultra geek. After the first few numbers in the sequence, if you measure the ratio of any number to the succeeding higher number, you get. A Fibonacci sequence is formed by taking 2 numbers, any 2 numbers, and adding them together to form a third number. The ratio of the last number over the second-to-the-last number is approximately equal to 1.
This ratio can be found in many natural objects, so this ratio is called the golden ratio. With all those numbers, you could put an elephant to sleep. Your charting software will do all the work for you. Fibonacci retracement levels work on the theory that after a big price moves in one direction, the price will retrace or return partway back to a previous price level before resuming in the original direction. Traders use the Fibonacci retracement levels as potential support and resistance areas.
Since so many traders watch these same levels and place buy and sell orders on them to enter trades or place stops, the support and resistance levels tend to become a self-fulfilling prophecy.
Square root of Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Fibonacci numbers and lines are technical tools for traders based on a mathematical sequence developed by an Italian mathematician. These numbers help establish.