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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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  2. #421
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    Whenever you take time to learn and master the use of the Fibonacci trading tool then it would feel like you have a perfect trading tool or method because when it is plotted on the higher time frames then it shows clearly the levels to watch during high volatility market and most times the price is going to respect these areas so well that it might pay higher amount of pips over time. In fact, there is nothing we can do when it comes to forex market without first learning about our trading methods and tools too.

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  3. #422
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    Quote Originally Posted by Penuelophir View Post
    Whenever you take time to learn and master the use of the Fibonacci trading tool then it would feel like you have a perfect trading tool or method because when it is plotted on the higher time frames then it shows clearly the levels to watch during high volatility market and most times the price is going to respect these areas so well that it might pay higher amount of pips over time. In fact, there is nothing we can do when it comes to forex market without first learning about our trading methods and tools too.
    Learning to trade the Fibonacci trading system will be a very good idea to its traders. Those traders that are doing best in the market are using the trading strategies which are trading the support and resistance strategies, the Fibonacci trading strategy is one of them. It is only left to how good the trader could be using it. When it is well used by traders, the results tends to be good.

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  4. #423
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    There is no trading method can never use the Fibonacci trading levels to trade and I have seen even the scalpers using it in he past and they are making money and that is why it is very important to learn about it whether you think it is good for you or not because you can use it to know the possible levels where the market could turn and use it to make sure that you never traded whenever the price gets to this levels.

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  5. #424
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    I have never understood this indicator, it is something like the support and resistance, so I figured that instead of applying this to my charts why don't I use the normal support and resistance or even the pivot point, because these three tools are meant to accomplish same goal in the forex market, Fibonacci in the weekly charts might not be too good for a short term trader.

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  6. #425
    Trader ola4real's Avatar
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    Quote Originally Posted by ajagbeolegba View Post
    Learning to trade the Fibonacci trading system will be a very good idea to its traders. Those traders that are doing best in the market are using the trading strategies which are trading the support and resistance strategies, the Fibonacci trading strategy is one of them. It is only left to how good the trader could be using it. When it is well used by traders, the results tends to be good.
    It is just the best idea to trade the Fibonacci forex strategies, and i like it so much for many reasons. I like it in the sense that it does not trade forex field badly like the way many strategies are doing their trading. The forex traders who can work on the weekly chart will get to make more successful trade on the long term basis with the use of the Fibonacci strategy, that is why i love it.

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  7. #426
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    I use the Fibonacci trading system a lot, this is one of the most famous trading systems, we can get to enjoy our trading with it when we have the analysis on the larger time frames. That is the reason for me to like this thread, it is teaching traders about the trading of the Fibonacci on the larger time frames of the weekly chart, the traders that will follow this steps will get to earn through this strategy.

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  8. #427
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    Quote Originally Posted by Toyen View Post
    I use the Fibonacci trading system a lot, this is one of the most famous trading systems, we can get to enjoy our trading with it when we have the analysis on the larger time frames. That is the reason for me to like this thread, it is teaching traders about the trading of the Fibonacci on the larger time frames of the weekly chart, the traders that will follow this steps will get to earn through this strategy.
    Fibonacci trading system is a trading system that traders have to be using, this is one of the best trading systems which traders will get to trade well with. I know how to work with the Fibonacci trading system, i like it when it is traded on the weekly chart. Trading it on the daily and monthly charts will not be a problem as well, those are the charts i used it with.

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  9. #428
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    Quote Originally Posted by simisola View Post
    I have never understood this indicator, it is something like the support and resistance, so I figured that instead of applying this to my charts why don't I use the normal support and resistance or even the pivot point,
    One beautiful thing that I have come to understand about the Fibonacci trading tools is whenever its levels falls within a support and resistance levels of the market created zones then it tends to be more of stronger and would bounce off the price whenever they gets there, but the key thing is finding out time to really learn about it and make sure that we master the uses and the ways through which we can use it to master the forex market over time.

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  10. #429
    Trader ola4real's Avatar
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    Quote Originally Posted by Toyen View Post
    I use the Fibonacci trading system a lot, this is one of the most famous trading systems, we can get to enjoy our trading with it when we have the analysis on the larger time frames. That is the reason for me to like this thread, it is teaching traders about the trading of the Fibonacci on the larger time frames of the weekly chart, the traders that will follow this steps will get to earn through this strategy.
    It is a very good choice for forex traders to use the support and resistance strategies in forex field. The trading with the Fibonacci property is a good choice for us too. I like this due to the many good benefits in whom the Fibonacci could provide to the forex traders. Many of this good benefits is that it gives traders the opportunity to know the forex trend and the reversal too.

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  11. #430
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    Quote Originally Posted by ola4real View Post
    It is a very good choice for forex traders to use the support and resistance strategies in forex field. The trading with the Fibonacci property is a good choice for us too. I like this due to the many good benefits in whom the Fibonacci could provide to the forex traders. Many of this good benefits is that it gives traders the opportunity to know the forex trend and the reversal too.
    It will be a very good choice when traders are trading the market with the support and resistance strategies, this is what i know that the Fibonacci stands for. It is a trading system in which traders could trade with a strong might that the market will be dancing towards what the trader wants it to do. To trade the market with Fibonacci is so good in the sense that the trader will trade securely.

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