Technical Trading Based on Fibonacci

Quoting Madinvestor

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{quote} 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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Quoting brianfong01

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{quote} 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!

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Quoting ArslanHyder

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Now it is coming to action... Stay connected.. hopefully i will be adding another long after 47 minutes

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Quoting ArslanHyder

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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}

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Quoting ArslanHyder

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{quote} One after the other the targets are getting hit..

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Quoting ArslanHyder

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{quote} Trade placed on M30. TP and SL placed on swing high and low of H1 Time Frame... It is upto you that at which level u place your SL and TP PS: Trend must atleast coincide in H1 H4 and D1 Timeframe.. coinciding in all other TFs is a plus

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Quoting Madinvestor

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{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?

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Quoting kinspk

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{quote} Bro, actually Bro Arslan drew the Fibonacci Retracement correctly, just that his view was bullish. He drew from swing high to swing low because he was measuring the previous bearish trend. Price touching the levels while moving up are the retracement percentage of the previous measured bearish wave. Eg, Price move from 0.7568 to 0.7584 touching 23.6 level means it retraced 23.6% of the previous wave. That's why Fibonacci "Retracement" tool was used.

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Quoting kinspk

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{quote} Bro, actually Bro Arslan drew the Fibonacci Retracement correctly, just that his view was bullish. He drew from swing high to swing low because he was measuring the previous bearish trend. Price touching the levels while moving up are the retracement percentage of the previous measured bearish wave. Eg, Price move from 0.7568 to 0.7584 touching 23.6 level means it retraced 23.6% of the previous wave. That's why Fibonacci "Retracement" tool was used.

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Quoting Madinvestor

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{quote} I get what you're saying. I guess when ever I've used it I always used to redraw it every time I changed my bias but I suppose that isn't necessary seeing as the levels wouldn't really change. Ha you learn something new everyday.

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Quoting ArslanHyder

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For NZDUSD Price is reversing from 50% fibo level...Let's see what happens after Dudley speaks

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Quoting ArslanHyder

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Here we go... USDJPY

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Quoting ArslanHyder

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{quote} Price testing 7216 level

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Quoting ArslanHyder

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{quote} One failed attempt to break 7216 level... lets see how it comes out

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