Fibo Magic with Price action Risk Reward 1:3

Quoting FXKabab

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{quote} gyanpapi.. because you draw your fibs upside down, that 23.6 level you bought at isn't really there. your 38.2, 61.8 and 50.0 lines are fine because they can be flipped (38.2 becomes 61.8, 61.8 becomes 38.2, and 50 stays as 50)... but 23.6 flipped isn't a fib number... just a head up, but i'm sure you already know this? anyway, keep up the great work in this thread! You're showing some really simple setups, getting excellent results, and inspiring me to keep my trading more simple too

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Quoting Solomon1a

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i shorted audusd at 0.9601 levels. added more lots. my tp is 0.92 levels

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Quoting gyanpapi

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{quote} Hi Kabab thanks for your kind reply .. the magic of fibo is even if you draw completely wrong support resistance price stay same . Fibo have total 7 nos. : 1) 0.0 , 2) 23.6 , 3) 38.2 ,4) 50.0 , 5) 61.8 , 6) 76.4 , 7) 100 below i am posting the charts .. see if you draw correct fibo support is at 76.4 so draw right or wrong daily FIB support at 0.9503 Also i mentioned previously why i am drawing wrong types ....as thats dosn't matter {image} {image}

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Quoting FXKabab

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{quote} I see... I've never heard of 76.4 though.. I've always used and seen 78.6 instead, hmmm... Oh well, if it works it works.

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Quoting Solomon1a

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best of luck you too sir. you use weekly chart to draw S/R? and you analyze fibo level on 4h chart?

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Quoting franz

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Hi Gyanpapi , I see that many traders still have many doubts about how one should draw Fibonacci. Gyan , why you don't write here a series of simple lessons ( with screenshots ) about how to draw correctly Fibo ? Many traders would be happy... Thanks and regards.

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Quoting gyanpapi

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Bought AUD/USD on retracemnt ... will fibo work! ... {image}

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Quoting gyanpapi

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Try to Learn if you are a Nubie ..... Solid Move Up ... buy 50% Fib Level ... Simple as that! will try buying Aud Usd 9304 {image}

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