Fibonacci Trading System on Weekly chart
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    Fibonacci Trading System on Weekly chart

    Fibonacci trading system is a very powerful trading system in the history of financial market. I have developed my trading based on this on the weekly chart. It is good for the traders that wants to place a single trade and get multiples of pips in days or weeks. It is very good for position traders that are very conservative. This trading system is good for all trading pairs depending on your choice.

    Now, there are four lines that traders look on this trading system, they are; 23.6, 38.2, 50.0 and 61.8. All the lines are very powerful to give the trader support and resistance, but 38.2, 50.0 and 61.8 are the most effective ones that hardly fails.

    uj weekly.PNG

    Looking at the above, when USDJPY meet the point at 23.6, It was unable to break it to the downside, and have being moving to the upside this week. This is still valid for my USDJPY trading analysis that the bias is to the upside. And the target will be 103.73(This year high).

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    Whaoo, this is a very good and well explained system of trading, i do not know about this, and i have tried it based on how you have said it on different pairs of trading, they seems very active for the market, it is working like wonders on the lines, it will only be giving the trader signal once in a way and the profits will be much more per one trade.

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    Looking at the GBPUSD weekly chart using the Fibonacci trading system at the time i took it on Wednesday, You can deduce that the pair is in long term bullish mode. Point 61.8, 50.0, 38.2 and 23.6 was successfully broken to the upside. It means that the pair could reach the sky, except there is a successful fall back that could break either of the line. I am aiming target at 1.6349 and above.
    gu weekly.PNG

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    To be frank i never or ever use any indicator or any fibo ratios I use daily chart and 4 hr chart and look for the patterns and always give importance to current strength after flag breakouts of any flag breakout which reverse from the low and this reversals are very easy to trade as blindly trust on fibo as it will be retracement or reversals

    regards

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    Quote Originally Posted by cozard007 View Post
    Looking at the GBPUSD weekly chart using the Fibonacci trading system at the time i took it on Wednesday, You can deduce that the pair is in long term bullish mode. Point 61.8, 50.0, 38.2 and 23.6 was successfully broken to the upside. It means that the pair could reach the sky, except there is a successful fall back that could break either of the line. I am aiming target at 1.6349 and above.
    gu weekly.PNG
    can we combine price action with this ? if you see through a price action trader point of view, i would advice to not buy now as market is already high . and you can see that there is a 'quadruple top' in this weekly time frame which identifies a strong resistance. so rather sell now and get pips and if there is a clear break of reistance, then it would be good chance to enter sell on a pullback.

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    Quote Originally Posted by fxaddictor View Post
    To be frank i never or ever use any indicator or any fibo ratios I use daily chart and 4 hr chart and look for the patterns and always give importance to current strength after flag breakouts of any flag breakout which reverse from the low and this reversals are very easy to trade as blindly trust on fibo as it will be retracement or reversals

    regards
    It is true that you can have your own simple trading approach, but to me candid, there are many trading approaches to trading the market, and the one you are using that pays you is the one that you should stick too. You may learn this system of trading as well if you want a definitive trading skills. It is one of the most powerful too of the bank trading itself.

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    Looking at the EURGBP weekly chart, the pair was unable to break below Fibonacci of 0.77560 to 0.88145, and stopped at the junction of 50.0 before the pair is continuing the upside pressure. It clearly indicates that the pair is now fully in the weekly uptrend on this pair with 38.2%, the pair will target 0.85631 (23.6%) = 156 Pips.
    eg weekly.PNG

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    Fibbonacci trading system is a very good trading system to observe and trade as it seldom fails and always fits good in all the market conditions whether it is ranging sideways or trending, the most important use of this system is to set up of stop loss and take profits in a particular trade but as it is a bit complex system not every one finds comfort on using this.

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    Quote Originally Posted by nidhi View Post
    Fibbonacci trading system is a very good trading system to observe and trade as it seldom fails and always fits good in all the market conditions whether it is ranging sideways or trending, the most important use of this system is to set up of stop loss and take profits in a particular trade but as it is a bit complex system not every one finds comfort on using this.
    This is very true of this system, and the main beauty of it is the risk to reward ratio that is very favourable in all ways. I am using it actively for my trading system on the weekly trading chart, it may not give me signal all the days or the weeks, but once given a signal, believe me, it will worth the whole month.

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    In the foreign exchange market the Fibonacci tool is one the most powerful and verified system. If we can follow it hardly in our trading, then easily we can get more profit from our trade. We need to use this system as long time time frame as like daily, weekly and monthly. We can follow 23.6 and 38.2 in daily time frame to get the best result.

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