My favourite Fibonacci level is 88.6% and it is something I have written about on DailyForex many times before. To recap, the 88.6% level is derived from taking the Fibonacci Golden Ratio, 61.8% (or 0.618), square rooting it and then square rooting it again.
How can you use Fibonacci levels as part of a larger chart pattern? Find out here!
In this series of articles, we have so far built up a foundation of Fibonacci as applied to trading: how the Fibonacci ratios are derived, how to measure Fib Retracements and most recently how to measure Fib Extensions. This article focuses on trading withe 88.6% retracement.
Learn how to measure Fibonacci extension levels using MT4 or other charting tools in the next installment of the popular Forex and Fibonacci series.
A look at Fibonacci ratios, retracements, and how you can use these tools in the MetaTrader4 platform.
In this miniseries about Fibonacci, we’ll begin with the basics of Fibonacci and build on the concepts until we reach the stage of being able to plan trades. We’ll round off the course by looking at actual trade examples, including some trades that the author himself has taken.
Indicators such as moving averages and stochastics are generally attempting to fit onto a market. They may not necessarily work in all market conditions and they do not have any intrinsic properties that a market has to abide by.
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