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🔥TYPES OF FIBONACCI TOOLS🔥 There are several types of Fibonacci tools that are commonly used in technical analysis, including: 📊FIBONACCI RETRACEMENT Fibonacci retracement levels—stemming from the Fibonacci sequence—are horizontal lines that indicate where support and resistance are likely to occur.Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used.The indicator is useful because it can be drawn between any two significant price points, such as a high and a low. The indicator will then create the levels between those two points. 📊FIBONACCI EXTENCION Fibonacci extensions don't have a formula. When the indicator is applied to a chart, the trader chooses three points. The first point chosen is the start of a move, the second point is the end of a move and the third point is the end of the retracement against that move. The extensions then help project where the price could go next. Once the three points are chosen, the lines are drawn at percentages of that move.Extensions are drawn on a chart, marking price levels of possible importance. These levels are based on Fibonacci ratios (as percentages) and the size of the price move the indicator is being applied to. 📊FIBONACCI PROJECTION Fibonacci projections are mainly used to get the possible target levels of an ongoing uptrend or downtrend. It is drawn by joining three points unlike Fibonacci Retracement which has just two points- by joining the lowest and the highest points of a pre-defined.In order to draw the Fibonacci projections for an asset in an uptrend, we need 3 points: 👉Swing Low - that is the point from which the actual trend started. 👉Swing High - the point at which price started to retrace. 👉Low of the ongoing price correction. Fibonacci projections provide potential good levels to book profits. The important Fibonacci projections levels to watch out for are 61.8%, 100%, 161.8%, 200%, and 261.8%. 📊FIBONACCI EXPANSION(SIMILAR TO PROJECTION) Essentially, Fibonacci expansions allow us to project how far a potential price move is likely to travel. This price move is typically considered an impulsive price move, in the context of Elliott wave. That is to say that it will typically follow a corrective phase and thus form a new trend leg in the direction of the larger trend.In that way it is very different compared to Fibonacci retracements. Unlike Fibonacci retracements which measure an internal retracement against a larger trend leg, a Fibonacci expansion measures an external price leg. CONCLUSION It's important to note that the use of Fibonacci tools in trading is just one aspect of technical analysis and should not be used in isolation. I myself use Fibonacci regularly but I also combine them with technical key levels and with the price action patterns on top of that. I Hope you guys learned something new today✅ Wish you all Best Of Luck👍 😇And may the odds be always in your favor😇 Do you like this post? Do you want more articles like that?
Education
by ProSignalsFx
15
LTCUSDT the Sleeping Giant | Resistance Confluence| Weekly RangeEvening Traders, Recent developments on LTCUSDT have not been much, lagging behind the broader market in general. From a technical stand point it needs to break above the weekly resistance zone for an impulse move. Points to consider, - Immediate trend bullish - Resistance multiple confluences - RSI above 50 - Stochastics buy cross (larger time frame) - Volume influx likely LTCUSDT’s trend is respecting its local support establishing higher lows into the weekly range, the next trade location. Current resistance has multiple confluences, the .382 Fibonacci and structural horizontal needs to be breached decisively to enter the weekly range The RSI is above 50 whilst the stochastics has recently established a buy signal, both clear on the higher time frame. This can be an indication that momentum is shifting Volume influxes are probable in the weekly resistance zone, historically has been the case. A break above weekly resistance will be the long confirmation as LTCUSDT has been lagging against the market. What are your thoughts? Please leave a like and comment, And remember, “There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”― Yvan Byeajee
Long
by The_Alchemist_Trader_
4
Potential trend-continuation (long)Hi Traders, this pair is currently bullish as shown on the daily. Dropping down to the 4hr timeframe, I have identified an interesting area of support. This support zone is backed by fib confluence and a potential ABCD completion. If I get the right entry reasons, this presents an opportunity to go long. Besides that, we have a bat pattern completing within this support zone. These are taken aggressively. My targets are dynamic. Have a good week!
Long
by DigitalKM
Possible Wave 3 of 3 to follow completion of Wave 2 (ZigZag)A Wave 2 ZigZag has completed at the .618 retracment of Wave 1 which is a strong indication the correction has complete. The price has already made a bounce from this level and seems to be in a correction which has probably has further downside before the up move. This initial bounce could be the beginning of a Wave 3. The larger picture shows this Wave 3 could be part of a Wave 3, this means it is likely going to be a strong impulsive move. Entry Level: I will be setting a conservative pending entry at the break of Wave B of the ZigZag. Stop Loss: At the extreme of Wave C of the ZigZag. Target Level: The target marked on the chart is a 1.618 multiple of Wave 1. There is potential for a more upside after this level. As always I will monitor pattern over setting a hard take profit.
Long
by ciano1993
Butterfly Pattern , Eur/Jpy, 30 minhere we see a Butterfly pattern forming on the Euro against the Yen. If the pattern makes it above 136.025, the pattern will be complete, in which case i have places my entry at point B , my limit at the 1.618 extension of the BC leg , and my stop at the Red D point, because at that point , we are at roughly a 2:1 risk reward ratio, also because I am going to walk away, and if the market crosses 136.025, but doesnt make it the the Black point D, I don't want my stop further out then that structure. I have used the linear regression line as support for my Hypothesis, the chart will show you a linear regression of the last 200 moves,(or the last 100 on the hourly). The idea here is that the harmonic is also in sync with the price action style trade, giving me a better chance at correctly identifying the next move. Thanks for tuning in, please leave me some tips, advice, or just a plain old thumbs up! AKA like comment and follow:) Thanks again, Good Trading
Short
by Kylan_Laymance