Leonardo Fibonacci (1170 – 1250)was an Italian mathematician from the Republic of Pisa, considered to be "the most talented Western mathematician of the Middle Ages". In mathematics, the Fibonacci numbers, commonly denoted Fn form a sequence, called the Fibonacci sequence, such that each number is the sum of the two preceding ones, starting from 0 and 1.
By turning these numbers into squares and arranging them geometrically, it is possible to draw a perfect spiral, which also appears in many living organisms. Another curiosity is that the terms of the sequence also establish the so-called "golden ratio", much used in art, architecture and design because it is considered pleasing to the eye. Its value is 1.618, and the further you advance in the Fibonacci sequence, the more the division between a term and its predecessor approaches that number.
Bringing it to trading market
Fibonacci works when the pair is in trend. The idea is to sell (or buy) in a trend retraction, there is a supportive level of Fibonacci when the market is in a bullish trend, you should buy into a retraction at the Fibonacci resistance level.
To find the Fibonacci levels, you have to find the recent price movements by looking at the tops and bottoms. If the trend is high, you draw the fibo from the bottom up with the last bottom to the top.
For downtrend, do the opposite. Click on the last top and trace the fibo to the last bottom.
Kind of complicated, right?
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