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Technical Trading Based on Fibonacci

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  • #1
  • First Post: Edited 9:05am Jun 17, 2017 8:40am | Edited 9:05am

TECHNICAL TRADING USING FIBONACCI LEVELS



Many traders use fibonacci as their primary tool to analyse price reversal and retracement zones. The purpose of this thread is to provide an in-depth analysis of different

currency pairs based on Fibo levels. The real account attached to this thread is also being traded using Fibo Levels. Analyses will be provided daily (owing to my availability

as I am training my colleagues). The starting balance of this account was 4.5K but subsequent withdrawals had been made in order to recover the principal amount.

Stay Tight!

PS: First analysis will be provided on Sunday night before the market opens.

Important Note: This account is a micro account. 100 lots in this account are equivalent to a Standard Lot. Please stay safe and keep your account well managed while following this thread.

Regards

Arslan Hyder
Markets are Irrational
  • #2
  • Jun 17, 2017 10:47am Jun 17, 2017 10:47am
I think indicators get a bad rap, because they are often not used correctly by newer trades. I think the whole PA vs indicators debate is hogwash. They are two different trading styles and both work. I grow tired of the criticism of indicators. My background is finance and accounting. That's why I lean towards using indicators because they are more quantitative. It has more to do with preference than anything. As for Fibonacci, I don't use that currently, because it is subjective in nature, because it can vary based on the swing low or high you choose to use to begin drawing. Nothing wrong with it, but I just don't use it in FX. I do when trading stock though. That's a different story altogether.
  • #3
  • Jun 17, 2017 10:06pm Jun 17, 2017 10:06pm
Quoting Madinvestor
I think indicators get a bad rap, because they are often not used correctly by newer trades. I think the whole PA vs indicators debate is hogwash. They are two different trading styles and both work. I grow tired of the criticism of indicators. My background is finance and accounting. That's why I lean towards using indicators because they are more quantitative. It has more to do with preference than anything. As for Fibonacci, I don't use that currently, because it is subjective in nature, because it can vary based on the swing low or high you...
Exactly.. It is up to a trader that what sort of analysis tool he/she wants to use in order to come to a particular conclusion. Since to err is human, no one is perfect in this

world. It is quite possible that what is right today might be proven wrong the other day. We need to focus on continuous improvement and learning instead of sticking to

our dogmatic mindset.

Cheers

Regards

Arslan Hyder
Markets are Irrational
  • #4
  • Jun 18, 2017 2:11am Jun 18, 2017 2:11am
I`m sure that Carolyn Boroden will proof the opposite !!

https://www.fibonacciqueen.com/public/department51.cfm

Sixer
  • #5
  • Jun 18, 2017 5:49pm Jun 18, 2017 5:49pm
For NZDUSD the price is at 50% retracement level. There is a bullish bias today on H1 timeframe and if it remains bullish for the day then it can test 7267 level after

testing it and breaking above it will try to test 7380 level. Overall trend for NZDUSD is bullish as well i.e. on H4 and D1 timeframes.
Attached Image (click to enlarge)
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Markets are Irrational
  • #6
  • Jun 18, 2017 6:04pm Jun 18, 2017 6:04pm
For AUDUSD there is a bullish bias for today on H1 Time Frame. In my opinion if the price breaks above 100% retracement level then we are going to see the price at

7635 level and if it breaks this level on H1 TF then we are going to see further upward move to the 7670 level. Meanwhile the H4, daily and weekly time frames are

indicating a bullish bias.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 33 KB
Markets are Irrational
  • #7
  • Jun 18, 2017 6:16pm Jun 18, 2017 6:16pm
For Gold there is a bullish bias on H1 and Daily Time Frame. H4 is going to coincide with these two in a while if the price breaks above 1258.19 level and then tests

1262.66 level i.e. 38.2% retracement level. Any long trade at 0% level to 23% level of fibo will be targeted towards 1258.19 and then 1262.66 level.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 32 KB
Markets are Irrational
  • #8
  • Jun 18, 2017 6:33pm Jun 18, 2017 6:33pm
For EURUSD on H1, D1 and Weekly TF there is a bullish bias. First target is to test and break 1.1211 level and further moving up to the 1.1233 level. H4 timeframe is

going to coincide soon with all other TFs.
Attached Image (click to enlarge)
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Markets are Irrational
  • #9
  • Edited 7:16pm Jun 18, 2017 6:51pm | Edited 7:16pm
For USDJPY on M30, H1 and H4 TF there is a bullish bias and the price is testing 38.2% fibo level. Any move upward will be targeted towards 111.02 level and further

upside move will be targeted towards 111.11 level and after that the target will be at 111.40 level.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 21 KB
Markets are Irrational
  • #10
  • Jun 18, 2017 7:40pm Jun 18, 2017 7:40pm
Quoting ArslanHyder
For USDJPY on M30, H1 and H4 TF there is a bullish bias and the price is testing 38.2% fibo level. Any move upward will be targeted towards 111.02 level and further upside move will be targeted towards 111.11 level and after that the target will be at 111.40 level. {image}
First Target hits... moving to the other one..
Markets are Irrational
  • #11
  • Jun 18, 2017 7:43pm Jun 18, 2017 7:43pm
Quoting ArslanHyder
{quote} First Target hits... moving to the other one..
second target also hits 111.11.. moving towards 111.40
Markets are Irrational
  • #12
  • Jun 18, 2017 8:03pm Jun 18, 2017 8:03pm
Quoting ArslanHyder
For NZDUSD the price is at 50% retracement level. There is a bullish bias today on H1 timeframe and if it remains bullish for the day then it can test 7267 level after testing it and breaking above it will try to test 7380 level. Overall trend for NZDUSD is bullish as well i.e. on H4 and D1 timeframes. {image}
Price testing 7267 level.. further upside will confirm the move to 7380
Markets are Irrational
  • #13
  • Jun 18, 2017 8:21pm Jun 18, 2017 8:21pm
Quoting ArslanHyder
{quote} Price testing 7267 level.. further upside will confirm the move to 7380
Going Long with a standard lot on NZDUSD after 9 minutes
Markets are Irrational
  • #14
  • Jun 18, 2017 8:29pm Jun 18, 2017 8:29pm
Quoting ArslanHyder
For AUDUSD there is a bullish bias for today on H1 Time Frame. In my opinion if the price breaks above 100% retracement level then we are going to see the price at 7635 level and if it breaks this level on H1 TF then we are going to see further upward move to the 7670 level. Meanwhile the H4, daily and weekly time frames are indicating a bullish bias. {image}

It is also in a buying mood..
Markets are Irrational
  • #15
  • Jun 18, 2017 8:30pm Jun 18, 2017 8:30pm
Quoting ArslanHyder
{quote} Going Long with a standard lot on NZDUSD after 9 minutes
Placed the trade..
Markets are Irrational
  • #16
  • Jun 18, 2017 9:58pm Jun 18, 2017 9:58pm
Quoting ArslanHyder
For AUDUSD there is a bullish bias for today on H1 Time Frame. In my opinion if the price breaks above 100% retracement level then we are going to see the price at 7635 level and if it breaks this level on H1 TF then we are going to see further upward move to the 7670 level. Meanwhile the H4, daily and weekly time frames are indicating a bullish bias. {image}
I have a question about the way you draw your fibs. You said that you were bullish in the photo here, but you drew the Fibonacci tool from swing high to swing low. I have always known it to go from swing low to swing high when bullish?
  • #17
  • Jun 19, 2017 12:19am Jun 19, 2017 12:19am
Quoting ArslanHyder
{quote} Placed the trade..
Hi Arslan. Thank you for sharing. A question if I may.

In reference to NZDUSD is analysis on general trend observed on H4 and Fibs drawn on 1H and trade place in 15Min?

Following that, the TP and SL is based on Fibs in 1H?

Thank you once again!
  • #18
  • Jun 19, 2017 1:18am Jun 19, 2017 1:18am
Quoting Madinvestor
{quote} I have a question about the way you draw your fibs. You said that you were bullish in the photo here, but you drew the Fibonacci tool from swing high to swing low. I have always known it to go from swing low to swing high when bullish?
I have drawn Fibonacci retracement on H1 TF not Fibonacci Entension. The concept which you are telling is for fibo extension tool.


Cheers

Arslan Hyder
Markets are Irrational
  • #19
  • Jun 19, 2017 2:18am Jun 19, 2017 2:18am
Quoting ArslanHyder
For Gold there is a bullish bias on H1 and Daily Time Frame. H4 is going to coincide with these two in a while if the price breaks above 1258.19 level and then tests 1262.66 level i.e. 38.2% retracement level. Any long trade at 0% level to 23% level of fibo will be targeted towards 1258.19 and then 1262.66 level. {image}
It is up for selling in 42 minutes
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 37 KB
Markets are Irrational
  • #20
  • Jun 19, 2017 5:28am Jun 19, 2017 5:28am
Quoting ArslanHyder
{quote} I have drawn Fibonacci retracement on H1 TF not Fibonacci Entension. The concept which you are telling is for fibo extension tool. Cheers Arslan Hyder
I was in fact referring to the Fibonacci retracement tool. I have just never seen anyone draw it that way, but clearly it must work for you so it probably doesn't matter. What matters more is consistency.
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