Elliott Waves - Fibonacci application click-by-click

Forex MT4 Fibonacci RetracementDownload indicator: FiboRetracement3.mq4

This indicator will draw Fibonacci retracement levels automatically.

Fibonacci Trading


Below are the actual steps of using Fibonacci tool to build retracements and projections for Elliott waves. (We'll be using MT4 platform in this example).

To draw Fibonacci levels we'll use 2 tools on our MT4 platform: Fibonacci Retracement and Fibonacci Expansion.

If you don't see either one in your current MT4 toolbox, use Right click and select "Customize" from the drop down menu, where add all necessary tools.

Clicks-by-click Fibonacci application

Wave 2

Wave 3

Wave 4

Wave 5

This turned out to be one of the ideal Elliott wave & Fibonacci proportions, which is not always the case in everyday trading. Yet, these were live charts and it's amazing how accurate the Fibonacci numbers can sometimes be!

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Comments

  • trader

can u tell where set stop loss

  • FxIndicators

Add one more level to your Fibonacci tool - the 75% retracement.
Set initial stops behind 75% level while trying to enter at 61.8% or at 50% Fib retracements.

  • trader

In the alfabetic order under the F : Fibonacci is missing while you have it done already here !

  • FxIndicators

Yes, but that's related to Elliott waves.
We'll make a special page for Fibonacci trading.

  • trader

great practical explanation of Fibonnacci

  • trader

Wow. i try several times and the result is really amazing. Thanks for your simle explaination

  • trader

hi i am new here so can u pls tell me how to setup the fibo.ok my question is if i using 15min chart so the setup of fibo is using yesterday high n low for today the retcment level? tq n forgive my poor english. n all the best.

  • trader

TELL ME MORE ABOUT THIS STUDY.DO U HAV ANOTHER PAGE OF FIBONACCI TOOL

  • trader

stoploss acroding to candelstick pattern

  • trader

very bad indicator my friends.do not follow this indicator.ur account squireoff.dont worry next 1000$ invest u

  • trader

fool.EW and Fibo not indicator idiot

  • trader

Where we can take position? buy or sell.

  • trader

Fibo is great

  • trader

fibo is very useful,but what the baseline stand for...

  • trader

thank you..


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