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Learning Fibonacci Technical Analysis for Making Money in Forex Day Trading
There is analysis, there is technical analysis and then there is Fibonacci technical analysis. This latter method of working in the financial-trading world is based on the work of a 13th century Italian mathematician who is credited with spreading the word about a special sequence of numbers, appropriately called the Fibonacci sequence.
This sequence begins with 0 and 1 then continues with 1, 2, 3, 5, 8, 13, 21, 34...and on and on. Each number is the sum of the previous two numbers. Within this sequence there are some interesting and useful relationships between numbers. If you divide a number by the very next number you get a percentage of about 62 percent. Taking this a step further and you get 38 percent. These two indicator points are
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very important in the use of Fibonacci technical analysis for trading and financial decisions.
There is also a ratio within this sequence that equals 1.618 or .0618. It is crucial enough to the calculations of financial analysts and mathematicians that some call it the "golden" ratio. With these basic figures and additional charting, traders and financial analysts have identified four key elements of Fibonacci technical analysis. These are retracements, arcs, fans and time zones. With arcs, the analyst finds the high and low on a chart then puts together a following arc. Fans are made of lines that are arranged diagonally, while time zones are vertical lines. Studies using these techniques can help traders estimate general areas of resistance and support.
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