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Forex Fibonacci Tutorial: Trading the Fibonacci Sequence in Forex!
Born in Pisa, Italy in 1175 AD and son of Guglielmo Bonaccio Leonardo of Pisa (aka Leonardo Fibonacci) is considered the “greatest European mathematician of the middle ages”.
For us forex traders, the discovery of the fibonacci sequence of numbers 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377 and the golden ratio of 1.618 has proven to be very useful in determining high-probability turning points in the market.
In this forex fibonacci tutorial you’ll learn how you can incorporate both Fibonacci retracements and Fibonacci profit targets (based on the golden ratio) into your trading strategy.
As powerful as Fibonacci levels are in identifying high probability turning points (or at least consolidation points) in the market, it is always wise to seek additional confirmation by using additional indicators, such as RSI, MACD, and specific price points such as Pivots and well established Support and Resistance levels.
As always, the greater amount of evidence we can gather (i.e. weight of evidence) in identifying potentially profitable trades, the higher the probability that the trade will move in our desired direction.
Hope you find this video helpful with your forex trading. Enjoy!
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nice video, except no mention of SL, where should be your stop loss?