How to draw & use fibonacci retracement chart in meta trader 4 - Page 8

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

1. ## 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.

2. the trader needs to know how to trade with fibonacci retracement and so he will be able to make good trading that will lead to making of more and more money because the trader will find strong levels that let him to take more accurate decisions and so this keep trading more effective and more profitable, and the trader enjoy trading.

3. This is the best way to draw a Fibonacci on price i take advantage most of time when market is moving very fast and then its pull back which almost cover its first level up to 23 % on chart recovery and if that break then the next target for price is to hit the area of 38.6% of price movement of in which area we draw it collectively provide right level for trade .

4. Hey guys I will like to explain this as simple as possible. First the fib is graduated in different levels i simple set it in 100, 38.2 and 0.for down trend to where price will turn from, place the fib from the high of that swing downward to the low of it and trace price from 38.2. In H4 and then turn to ur entry time frame and see how price turn from it.

5. Fibonacci levels are the most ancient method of trading. In early ages, traders used to trade with these golden ratios and now it is using in forex trading. The Fibonacci tool is the best tool to trade with. You can easily find out the pullback, continuation and reversal of the price at the perfect time.

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