Monday, May 26, 2014

Elliott waves - Fibonacci application click-by-click

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!

Download indicator: FiboRetracement3.mq4

This indicator will draw Fibonacci retracement levels automatically.

1 comment :

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