The reason for the adoption of Fibonacci is to define the penetration of the probable retracement, correction or trend continuation and for taking most favorable profit. The inclusion of support and resistance levels (red horizontal line on our chart), along with some basic indicators, ramps … Read more
This forex indicator draws Fibonacci retracements in the visible part of the Metatrader chart using the high and low price. Fibonacci retracement levels shown are 23.6%, 38.2%, 50.0% and 61.8%. Download link: Click here to download the QuickFib.mq4 indicator Fibonacci Retracements Indicator Chart Example (GBPUSD … Read more
Swing traders are able to deploy Fibonacci retracement to gauge support and resistance levels for price, and also determine possible zones for price reversal. Swing traders deploy Fibonacci levels as a tool to trigger and exit positions in the market. Chart Setup MetaTrader4 Indicators: 20 … Read more
At some point in every trader’s career, it’s impossible to deemphasize the need for Fibonacci retracement tool in plotting crucial levels in the market. The Forex Fibonacci strategy for day traders is designed to allow short term market following price retracement. Chart Setup MetaTrader4 Indicators: … Read more