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Thread: How to draw & use fibonacci retracement chart in meta trader 4

  1. #1
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    Cool How to draw & use fibonacci retracement chart in meta trader 4

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    In this thread I am good to show you another useful trading strategy which I have been using for long time in my trading. Today you will learn how to use and draw fibonacci retracement chart. This is very good way to earn big money from the forex market.

    Why and when to use it?

    Mostly this chart is used when there is heavy fluctuation in the market. If the market goes bullish to bearish or bearish to bullish trend we can simply use it to earn money. Suppose in the above image you can see how this chart is set in 30 minutes time frame.
    If forex market go in bearish level then this chart will show you its retracement percentage. We should keep mind that retracement can some time go 100% but normally it goes to 50%. But one thing which is very important that we should always open trade from 00% to 23.6 as it is always confirmed that market will touch this point in retracement and we can make huge money.

    I hope this strategy will surely work when you trade in the forex next time. Do not forget to add more and more to this topic I am sharing with you.

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  2. #21
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    From my personal experience, fibonacci is great when you use it on higher time frames from specially in 4h and daily .
    The indicator is good. And drawing fib line is not that difficult its just need to respect some rulles and for me i just take the highest swing and drag to the current lowest swing if when i try to get retracement level for a up trending market and vice visa for down trend.

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  3. #22
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    Quote Originally Posted by bz moahmmed View Post
    From my personal experience, fibonacci is great when you use it on higher time frames from specially in 4h and daily .
    The indicator is good. And drawing fib line is not that difficult its just need to respect some rulles and for me i just take the highest swing and drag to the current lowest swing if when i try to get retracement level for a up trending market and vice visa for down trend.
    Generally, ain't no indicator that works good or it's best on the little time frame, that is one certain thing about the market. Therefore if we are going to make use of indicators we have in the market, then we are to ensure they are all focused on the longer time frame. Therefore being the suitable time frame for effective analysis and trading.

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  4. #23
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    Quote Originally Posted by Real View Post
    Generally, ain't no indicator that works good or it's best on the little time frame, that is one certain thing about the market. Therefore if we are going to make use of indicators we have in the market, then we are to ensure they are all focused on the longer time frame. Therefore being the suitable time frame for effective analysis and trading.
    There are many indicators that are working on the lower time frames, only that i do not like to work with the 1 minute chart no matter the trading strategy. Forex trading is what all trader have to fully plan upon, this is what will bring the capacity of its earning to the trader. If traders train well with some useful strategies on lower time frames, it might really work. It is not only the higher time frames that is working.

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  5. #24
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    Fibonacci draw levels are very easy for us if we have some knowledge about that trading strategy. Its really easy for us to trade and earn high profit from this market if we are follow these levels. WE also can sue Fibonacci levels from our meta trading platform and them insert it to the market chart and make high profit from this market with help of these analysis.

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  6. #25
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    Quote Originally Posted by wish1 View Post
    Fibonacci Retracement is built as follows: first, a trendline is built between two extreme points, for example, from the trough to the opposing peak. Then, nine horizontal lines intersecting the trend line at Fibonacci levels of 0.0, 23.6, 38.2, 50, 61.8, 100, 161.8, 261.8, and 423.6 percent are drawn. After a significant rise or decline, prices often return to their previous levels correcting an essential part (and sometimes completely) of their initial movement. Prices often face support/resistance at the level of Fibonacci Retracements or near them in the course of such a reciprocal movement.
    We cannot draw these levels manually and in case of market bearish trend these levels are raw different way. These Fibonacci levels draw style is different in both cases in case of bullish trend they are draw down to up side and in case or bearish market trend they are draw up t down side. So we must need to know these basic things about this indicator because these are help us to trade with this trading strategy.

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  7. #26
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    The Fibonacci is one of the greatest indicators that we depend on for good and positive trades from the forex market, but very unfortunately, very few traders actually understood how it is calculated and how it is drawn in the proper way, to this end, i am very sure that this thread will shed some light on how to calculate the Fibonacci and how to draw it properly thereby helping us to handle the Fibonacci in the right way.

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  8. #27
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    Thank you for introducing to us one of the most important trading tool in the forex market which is the fibonacci retracement and from the way you have explained it, a trader can profit a lot from it if it is drawn out very well especially when a trader is looking for the point of retracement after a heavy move either up or down in the market. I was thinking that you are going to tell us how to draw it accurately, but you did not do that , but instead, you merely explain some retracement points where we can easily look for trade which is still good. I love to make use of the Fibonacci when i am looking for the extension part of the market that is a new high or a new low where the market is likely to reach when a heavy move is one . So apart from using the Fibonacci for retracement, we can also use it for an extension.

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  9. #28
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    Quote Originally Posted by glory3 View Post
    Thank you for introducing to us one of the most important trading tool in the forex market which is the fibonacci retracement and from the way you have explained it, a trader can profit a lot from it if it is drawn out very well especially when a trader is looking for the point of retracement after a heavy move either up or down in the market. I was thinking that you are going to tell us how to draw it accurately, but you did not do that , but instead, you merely explain some retracement points where we can easily look for trade which is still good. I love to make use of the Fibonacci when i am looking for the extension part of the market that is a new high or a new low where the market is likely to reach when a heavy move is one . So apart from using the Fibonacci for retracement, we can also use it for an extension.
    Yeah its very important part of this business and very effective and reliable trading strategy of forex market in which we are use the Fibonacci trading strategy in our trades. This strategy accuracy is really high and if we are use it in our trading then we can make easily high earning from forex trading and then set our life in this business easily.

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  10. #29
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    Quote Originally Posted by shahzad View Post
    Yeah its very important part of this business and very effective and reliable trading strategy of forex market in which we are use the Fibonacci trading strategy in our trades. This strategy accuracy is really high and if we are use it in our trading then we can make easily high earning from forex trading and then set our life in this business easily.
    I really like this trading strategy to sue in my trading but I cannot understand it and I do not know that how to use this trading strategy in our trading to make the high profit from this market. I have face difficulties to draw these fibonacci levels because I do not know where to start draw these levels in market chart. Which is really important part of this trading strategy,

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  11. #30
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    It is simply drawn by me to put on higher price and lower price so that is the main fact for trading we always make trade with good strategies and it will give us good understanding about market and we will able to perform better task , if we understand how to use Fibonacci then we will able to get better and positive results easily .

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