Fibonacci Fan? How do you trade with it?

you could trade bounces from it, but only if you have other confluences.

I don't like Fibs, they feel like medieval supersticion to me. Not saying it won't work for someone else. but I don't like Fibs.

Many traders say that Fibonacci is one of the most reliable technical indicators.Could anyone share his knowledge about Fibonacci numbers?

went long @ 62 fib

I have used many times, but didn’t get maximal result. But so many traders recommend it very strongly

From the small knowledge I have for fibs they should be treated like support/resistance levels. Important levels are 38% 62% and 162% (note that I rounded off the numbers). Most important is 162%. When price breaks out of that level, it retests (price retraces back) that level again in most cases. Fibs should be ploted when a trend has ended, not during a trend.

If you use meta trader and a down trend has ended, draw the fibs from where this trend started (the 100% level will be ploted at the begining of trend) and let the 0% level be ploted where the trend ended. The opposite is true if there was an up trend.

You can also use it on a single candlestick from its high to its low if it is a bullish candlestick, or from its low to its high if it is a bearish candle. Make sure it is a strong signal in that case, otherwise do nothing. An engulfing pattern is a strong signal. It also depends on where it forms (for example on a support/resistance level or bollinger band breakout or end of a trend etc).

That's how it's used if I remember correctly.

But remember, fibs and many other technical tools works best on daily time frame and above.

EDIT: Sorry, now I saw you were talking about Fibo Fan, I thought you were talking about the usual fibo.

Fibo is one of the most popular technical tool! Yes, I also us Fibo, I work on 23, 50, and 61 levels of fibo! In addition, I use fibo as a support and resistant level!

Really, 61.8 is the best level of Fibo! When I get any candle pattern from 61.8 level then use this opportunity of trading with enough number of trading lot size! Fibo is useful for both long term as well as short term trading!

Yes, 61.8 is one of the most important level of Fibo! From my 1st day of live trading I use Fibo because of my demo trading experience was too good with this popular technical tool, besides, 50 and 23.6 levels are also useful.

Yes, fibo works as support/resistance level! As a scalper I also like to use fibo in the lower time frames! This technical tool really helps me to identify impotent levels of the current chart!

Managing risk is the most important yet ignored aspect in trading. I mean all unsuccessful traders do not have any risk management policy. I do not risk more than 1% of my capital in a single trade. If I open more than one trade my maximum risk percentage is 2%.