Abstract:
In the material below I have tried to explain how can be used Fibonacci Retracement as an important tool to predict forex market. In this article I have included some graphic formats of Fibonacci extension/expension also with Fibonacci retracement and also rules to perfect chart plotting. I have analyzed some examples of Fibonacci retracements pattern in a downtrend and in an uptrend. In this article I have used and combine material from different sources trying to create a start point for those one of you that are interested.
Keywords:
Fibonacci ratios, downtrend, uptrend, support and resistance levels RSI-Relative Strength Index.
Who is Fibonacci?
Leonardo Bonacci – also known as Leonardo Fibonacci – was an Italian mathematician in the 12th century. He was considered the most talented Western mathematician of his time and one of the greatest of all time. Although Fibonacci himself did not come up with what is now known as the Fibonacci sequence, he certainly introduced the phenomenon to the West in his book Liber Aba.
What is the Fibonacci sequence?
Most important Fibonacci levels-
For Fibonacci Retracement (in %)
0
38.2 -Importa
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