Fibonacci Retracement on Chart
Category: Streamer Tips, Tutorial
Well, Basicly Fibonacci retracement is very popular a technical tool to see where the market will move. Its mathematical number was announced by Leonardo Fibonacci in 13th century.
Investopedia.com: In technical analysis, Fibonacci retracement is created by taking two extreme points (usually a major peak and trough) on a stock chart and dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% and 100%.
Now, how I can put the indicator on my marketiva chart ?
Right click on chart, select Fibonacci Retracement.
To cutomize the line, click any where on the lines, you will see on the left sidebar properties for Fibonacci series/ratios.
You can move the lines by hold the top/bottom cornes (see the radar).
Make sure, put the top line on the peak of current chart, also the bottom line.
See the figure below
For additional info visit What is Fibonacci retracement, and where do the ratios that are used come from? on Investopedia.
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June 21st, 2007 at 5:26 pm
how to read and use for make decision to buy or sell?
June 21st, 2007 at 10:22 pm
Using fibonacci actually not a signal, you have to read itself and make decision
when the best time to make an order to the market.
Look at chart, the top and the bottom lines is most important area.When position on the peak(top) every trader know its time to take short to the market, and same when the market position on the bottom.