Home Fibonacci in Forex Technical Analysis 4 - Forex trading should use a combination of Fibonacci and trendlines

Fibonacci in Forex Technical Analysis 4 - Forex trading should use a combination of Fibonacci and trendlines

Another tool used in conjunction with the cashbackforexpipcalculator tool cashbackforexcalculatorOnline trend cashbackforexprofitcalculator analysis After all, Fibonacci cashback forex are most effective when the market is in a trend, so this is a much more significant guide to trading Remember, whenever prices are in a downtrend or uptrend, traders can use The chart below shows the hourly chart of AUD/JPY as shown in the chart, the exchange rate has been testing the short-term uptrend line support for the past few days cashback forex calculator Online you start to mutter, "Well, this uptrend line support is working well Im going to buy AUD/JPY, even if its just a short-term trade I think Ill buy when the exchange rate tests the trend line again but, before you get to the Why not open your forex toolbox and pull out the Fibonacci tool before you plan to enter the market? Lets see if we can enter at a more precise entry point (Forex Technical Analysis  www.waihuibang.com/fxschool/technical/) We used the Fibonacci tool to draw the corresponding Fibonacci retracement levels after selecting the swing low at 82.61 and the swing high at 83.84 Note Note how the 50.0% and 61.8% Fibonacci retracement levels are split by the uptrend line, and how these levels provide potential support for the currency pair? Theres only one way to find out. Did you guess? The AUD/JPY held at the 61.8% Fibonacci retracement level, where the pair rallied and then moved higher again. If you set some orders at this level, you would have found the perfect entry point. Hours after the AUD/JPY tested the trend line, the pair powered up and then broke above the swing high. As you can see, the Fibonacci tool is really worth using, even if you are planning to enter when the exchange rate tests an uptrend line again. The combination of diagonal and linear support or resistance levels may mean that other traders are also looking at these levels, but it is important to note that, like other charting tools, how to draw a trend line is quite subjective and you cant give exact instructions on how to draw it. You cant tell exactly how other traders are drawing trend lines, but you can tell that a trend exists. If you see a trend in progress, you should find ways to get a better chance of making a profit.

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