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Thread: Fibonacci Trading System on Weekly chart

  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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    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.

    Click image for larger version. Name: uj weekly.PNG Views: 6 Size: 26.3 KB ID: 3077

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  3. #22
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    Quote Originally Posted by Riad View Post
    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.

    Click image for larger version. Name: uj weekly.PNG Views: 6 Size: 26.3 KB ID: 3077
    Usually, 61.8 level is used to set buy/sell limit and it's depending on the condition of market in the previous candlestick (previous day or previous week) in bullish or bearish condition. Usually, price will move oppositely after it has reached on 61.8 or 76.4 level but still it's possible to break the level.

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  4. #23
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    Usually, fibonacci retracement will be broken when there is high impact news like FOMC or NFP news because high impact news like FOMC or NFP could move price in one direction for hundreds pips in several hours. I ever found that FOMC or NFP news could move price without too much correction and it has broken fibonacci retracement so it is needed to set SL and TP with fibonacci strategy.

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  5. #24
    Registered user mohamed reda's Avatar
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    i am sure that strategy will work successfully because it is totally depend on Fibonacci tool which is a great tool and i think there is many secrets on this tool because it is totally depend on math so i think it is a great tool in my opinion and i am sure any strategy like this will work good with any trader.

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  6. #25
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    Analysis can be on a daily or weekly Frame on his way by every trader and convenience in trading and I see that trading on the best short-Frame Analysis can frame it as easily as 15 minutes and Frame clock also good, but fits more professional

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  7. #26
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    Quote Originally Posted by AlwaysZoz View Post
    Analysis can be on a daily or weekly Frame on his way by every trader and convenience in trading and I see that trading on the best short-Frame Analysis can frame it as easily as 15 minutes and Frame clock also good, but fits more professional
    It's more effective to use it (fibonacci retracement) in daily or weekly time frame but it's possible to use lower time frame too but you must make some modifications which are necessary to make it effective. It's more effective to use weekly chart because usually, there is correction price after a week movement in the same direction.

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  8. #27
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    Yeah there is no doubt in it in forex trading business its one of the best tool to analyse the market well I also use Fibonacci tool in my trading but I will prefer to use it in long term time frames any trader can use this tool in their trading system specially for long term trading goal fibonacci is a perfect tool from where we can do good trading in this business.

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  9. #28
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    The index Fibonacci Forex Forex indicators of more technical vernacular between beginner and professional traders alike
    You should also take into consideration, when it is broken, and one of the Fibonacci levels, usually due to price re-test level. Remember, if you have prepared for all these possibilities, you'll be one of the winners.

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  10. #29
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    Quote Originally Posted by Earnperfect View Post
    Yeah there is no doubt in it in forex trading business its one of the best tool to analyse the market well I also use Fibonacci tool in my trading but I will prefer to use it in long term time frames any trader can use this tool in their trading system specially for long term trading goal fibonacci is a perfect tool from where we can do good trading in this business.
    Yes, fibonacci retracement will be more effective if it's used in high time frame I think. It is more effective because higher time frame will be safer to know for reversal movement. At least, you can use fibonacci in daily time frame because usually, there will be reversal movement each day, at least correction movement.

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  11. #30
    Trader Hukam's Avatar
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    As we know that fibonacci trading system is a very good trading strategy its very simple and very easy to understand also I also like to use only some indicators in my trading and love to trade with technical analysis and Fibonacci is also a very good tool that related to technical analysis.

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