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How to do a Fibonacci time projection ?
4 Answers
<p>You can draw Fibonacci retracement and extension in any chosen timeframe. 38.2%, 50% and 61.8% are te most important levels. In an downtrending market , you have to draw fibonacci from highest point to lowest in the chosen timeframe. Fibonacci levels will show various levels. You can buy at 23.6, 38.2, provided other conditions confirms like ma cross, rsi, macd, candlestick pattern, breakouts, but best buy level will be above 61.8%. your target will be 78.6, 1, 1.272, 1.414, 1.618 etc. For the sell side, you have to see the extension levels -23.6, -38.2, -50, -61.8 etc. Again 61.8% is …</p>
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<p>The Fibonacci Projection is a popular tool among technical traders and is based on the key Fibonacci number series. The basic idea behind Fibonacci Projection is that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction and will extend above the earlier swing high. It is also used for determining support and resistance levels. Fibonacci Projections are ratios used to identify potential reversal levels and the most popular Fibonacci Projections are 161.8 percent and 261.8 percent.</p>
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<p>There are multiple ways, study harmonic patterns that heavily uses fibonacci ratios. Needless to mention its still a probability not a confirmation.</p>
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<p>Use the fib extension button to project upwards or downwards. Fibs are just mathematical ratios it can continue to any extent you calculate on either side of the scale (up or down).</p>
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