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  1. #1
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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.

    Attachment 3077

    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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    As I know, fibonacci retracement will take advantages from reversal movement of price in level 61.8 or 76.4 with setting limit order in those level with setting Stop Loss in level 100 and TP in level 0. Usually, fibonacci level will use daily chart (previous candlestick) as consideration to draw fibonacci retracement.

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  3. #12
    Trader dkarev's Avatar
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    Quote Originally Posted by mfaisal01 View Post
    Fibonacci analysis gives us a way to forecast levels of support and resistance and project price targets.the most important information is what it can tell us about risk..... Fibonacci one of the best Trading system in trading business.... there are many Fibonacci ratios, in my experience.... its really very productive for timing entries....
    you are right,this is one of the tools i was using then to spot support and resistance level when trading,though one must know how to place the tools proper to get accurate enter point when trading and making use of it when trading.the good thing about trading the weekly chart is that it make trading simply and easy

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    Trader Dheeraj123's Avatar
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    Thanks for sharing sir yup that right that fibonacci is one of the best tool in forex which help us to analyse the market well I think it works well with long term charts I am also basically like to do trader with long term time frames and fibonacci helps us to find out very good entries and exit option in the market.

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  5. #14
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    Quote Originally Posted by dkarev View Post
    you are right,this is one of the tools i was using then to spot support and resistance level when trading,though one must know how to place the tools proper to get accurate enter point when trading and making use of it when trading.the good thing about trading the weekly chart is that it make trading simply and easy
    Usually, fibonacci retracement is used in daily chart but it's possible to use weekly chart. Maybe it will become long-term trading method with weekly chart but I never tried to use weekly chart because I don't like to become long-term traders which need to hold position more than one day.

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    The substratum of this system is simple and is a cornerstone of the markets – the trend. At the markets kens, a trend is a vigorous kineticism of price in one direction. Trends capture the minds of many traders, and they seem a way of magnifying profits in single trades. Trends seem to offer very remuneratively lucrative trading opportunities, so many neophytes trade with the trend. However, most of these abecedarians which endeavor joining trends, do so at desultory points, predicated on bespeakers which has nothing to do with the stage of trend.

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  7. #16
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    Faobachy I think it is important in trading, but not easy to learn, but needs to experience and see that the lines Fayyobachy also important and you need to experience to learn how to drawn well and I see that it needs time to learn it well and could be a good trading

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  8. #17
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    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.

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  9. #18
    Trader dkarev's Avatar
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    Quote Originally Posted by andry777 View Post
    Usually, fibonacci retracement is used in daily chart but it's possible to use weekly chart. Maybe it will become long-term trading method with weekly chart but I never tried to use weekly chart because I don't like to become long-term traders which need to hold position more than one day.
    to be sincere with you,prefer it only on daily chart as well,the amount of waiting one has to do with weekly chart is too far,one can spend close to 5 month waiting for the level to be hit but the problem i have with Fibonacci is that i dont know how to determine if it will stop on any of the level of continue forward below.i if it will stop at 38.2 and 50.0.i guess confuse most time

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  10. #19
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    On the exchange market Fibonacci tool is a most powerful and verified reviewer of the system. If we able to keep hard in our trade, then we may easy get more than the benefit of our profession. We need to use this system as a while since calendar as the daily, weekly and monthly.

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  11. #20
    Trader layigold's Avatar
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    Fibonacci retracement is a very powerful indicator of price and I use it as well to trade retracement and those Fibonacci ratios serve as good resistance and support in case of uptrend and downtrend respectively. The area of dissimilarity is just that I use my own on 4H and daily time frame and things are equally working well with me as well.

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