How to Use the Fibonacci Retracement Tool? (Ask your questions if you have after reading the post http://bit.ly/2IblW9d) First things first, in order to understand how we can benefit from these retracement levels we first have to know how to use the tool. For purposes of this lesson, I will be using MetaTrader 4, however, most Forex trading platforms will have a Fibonacci retracement tool built into the platform. The best way to illustrate how to use the tool is through real-life examples. So let’s first start with a rally where we’ll be trying to determine possible levels of support during a pullback. GBPJPY Fibonacci Retracement Levels: Notice how in the illustration below we’re using the major swing low as a starting point and the major swing high as the endpoint. Although there are many swings in between, these two points are the most prominent on this chart. This isn’t to say that you can’t use Fibonacci levels on the smaller swings, because you can. However, for the way we trade the higher time frames, it’s best to use the major highs and lows. You will find that generally speaking, the more accurate Fibonacci levels are found when using a higher time frame such as the daily or weekly chart. Stay Tunned for more posts in this regards!!! Join my Facebook Group to learn and practice: http://bit.ly/2JAuBEA #NMBO287

How to Use the Fibonacci Retracement Tool?
(Ask your questions if you have after reading the post
http://bit.ly/2IblW9d)

First things first, in order to understand how we can benefit from these retracement levels we first have to know how to use the tool. For purposes of this lesson, I will be using MetaTrader 4, however, most Forex trading platforms will have a Fibonacci retracement tool built into the platform.

The best way to illustrate how to use the tool is through real-life examples. So let’s first start with a rally where we’ll be trying to determine possible levels of support during a pullback.

GBPJPY Fibonacci Retracement Levels:

Notice how in the illustration below we’re using the major swing low as a starting point and the major swing high as the endpoint. Although there are many swings in between, these two points are the most prominent on this chart.

This isn’t to say that you can’t use Fibonacci levels on the smaller swings, because you can. However, for the way we trade the higher time frames, it’s best to use the major highs and lows. You will find that generally speaking, the more accurate Fibonacci levels are found when using a higher time frame such as the daily or weekly chart.

Stay Tunned for more posts in this regards!!!
Join my Facebook Group to learn and practice:
http://bit.ly/2JAuBEA

#NMBO287

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