Practical Fibonacci Methods For Forex Trading e Book
by Ken Marshall and Rob Moubray
by Ken Marshall and Rob Moubray
The Fibonacci levels are a very powerful tool in trading forex. They can be traded in isolation or in combination with other signals, for example candlesticks, indicators or chart patterns. In this book we will use confirmation signals for entry and exit points.
Buy setups include bullish engulfing candlestick, morning star, tweezer bottom, double bottom and a break of the high of an inside bar. Sell setups includes bearsih engulfing candlestick, eveing star, tweezer top, double top and a break of the low of an inside bar.
The methodology will be demonstrated using real examples using charts and explantions.
One can apply these methhods on any time frame from 5min charts through to weekly charts.
When puttinh fibonacci levels on the charts, one must look back on each time frame for significant highs and lows. This may involve looking back days and even weeks. There are traders trading all the different time frames so Fibonacci lines drawn on weekly or monthly charts will affect the market. Convergence of different Fibonacci levels may occur from levels placed on the different time frame charts. Where convergence occurs, the levels become more significant. It is important to look convergence with Support and Resistance Levels and Trendlines.
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