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Fibonacci

USD/JPY - 2618 Trade Explained USD/JPY - H1 - 2618 Trade Explained Having had a double top and now approaching a retracement back into the 61.8% Fib level, we can now look for reasons to short the USD. Unlike patterns we can't just place BUY or SELL orders in advanced. Once we have completed the rules of engagement below, we are looking for confluence within a certain area that all coincide. This in the long term will give us a better success rate. Rules Of Engagement 2618 - Double Top - Break below Neckline / Support - 0.618% Fibonacci retracement - Stop loss above double top - Target 1 at 38.2% Fibonacci - Target 2 at 61.8% Fibonacci Good luck.
Education
by UnknownUnicorn180388
15
Fib Speed Resistance Fan StudyThis is a study of how I like to use the Fibonacci Speed Resistance Fan to help predict future price movement*. While it's not difficult to notice the strong connection between the fan and price movement, turning that into something tradable can be much more of a challenge. Although there are undoubtably many opportunities, this study focuses on two potentially tradable ideas: 1) Riding the new breakout and confirming when it's no longer valid 2) Anticipating a new breakout (*Study only. I did not trade this chart)
Education
by Fr33zerPop
1
How to properly scale your chartsMany charting tools require a proper scaling of price / time. This is the method I'm using to scale my charts if needed. 1) Draw a rectangle somewhere on your chart 2) Set it's coordinates to 1:1 So if the price coordinates are 300/350 , set the bar (time) coordinates to have the same difference of 50 in this case 3) Draw a "Fib Speed Resistance Arc". You can find it in the second tool bar menu where you also find the Fib Retracement 4) Set it's PRICE coordinates to the same you have set for the rectangle. For both BAR coordinates you use the smaller number from the rectangle bar coordinates. Now after you have done that drag one axis (price or time) and move it around. Watch the upper right corner of the rectangle cross with the fib arcs. If it crosses with the 1 fib arc, you have a 1:1 scaling. On the chart example you can see it cross the 3 fib arc so the scaling is 3:1 If you found a nice scaling, right-click the price axis and select "Lock Scale" so you can zoom in and out of the chart without changing the scaling. You can try the following scaling ratios: 0.5 / 1 / 1.272 / 1.414 / 1 / 2 / 3 / 4 / ... also all the X.618 ratios could be usefull. (0.618 / 1.618 / 2.618 / 3.618 / ... ) Let me know how this works out for you and feel free to leave a comment if something is unclear. Cheerz : ]
BITSTAMP:BTCUSDEducation
by MagnusTradingGroup
11
Tutorial: Fib Extension ToolYou can use it for different things. my main use for it is to project targets based on impuls legs. not always will price follow the AB=CD target. instead it often reverses before reaching point D. This tool can help you identify alternative targets. Technically speaking the shown example of usage isn't called a fib extension but a fib expansion. you can get fib extensions if you put point A' exactly back to A. You can find the tool in your drawing toolbar by clicking the third icon and selecting "Trend-Based Fib Extension". When you click on a drawn fib extension a little options tootlbar will appear where you can customize your fib levels. Commonly used levels for expansions / extensions are: 0.382 - 0.5 - 0.618 - 0.764 - 1 - 1.272 - 1.414 - 1.5 - 1.618 - 2 Keep in mind though, it is statistically proven that Fibonacci extensions work no better at predicting where price is going to turn than any other percentage. It's more of a self-fulfilling prohecy than anything else. Like my Charts? Feel free to donate : ) BTC: 1F1jpj7X3oyKHpGJ98chr39NvpzSXuPrnC LTC: LbsfK54KWQnyELCRTg2e9vfy1R5X7Nkuwa
BITFINEX:BTCUSDEducation
by MagnusTradingGroup
8