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Forex fibo fan
Opposite of this may prove to be true during a downtrend. This phenomenon is taken into account in the design of the Fibonacci Fan. However unlike Fibonacci retracements where the resistance or support levels are calculated by multiplying the "difference of the high and low" by Fibonacci ratios, the Fan are drawn as follows: Consolidation during an uptrend During an uptrend the support lines of Fibonacci fan is constructed by joining the low or the trough to the intersection of the Fibonacci retracement lines for The following diagram explains it visually: Consolidation during a downtrend During a downtrend the resistance lines of Fibonacci fan is constructed by joining the high or the peak to the intersection of the Fibonacci retracement lines for The following diagram explains it visually: As the above diagrams show, instead of flat horizontal levels, the support and resistance levels derived by the Fibonacci fan incline upward or downward with the time.
A retracement during an uptrend will see the support levels inclining upwards and during a downtrend the resistance levels would incline downwards. Drawing the Fibonacci Fan on Forex Chart Find the low trough and high or the peak point during a trend. Select the "Fibonacci Fan" tool from the trend-lines on your chart. Click on the low during an uptrend and drag the cursor to the high and click there. Building Fibonacci fan To build Fibonacci fan, a trader needs to define two extreme opposite points of the time period requiring indicator: - Bottom Low - Top High By mere laying line through those points you will let the application automatically build levels of Fibonacci fan.
Basic levels have ratio 0,, 0, and 0, as shown at the picture below. Support and resistance levels on Fibonacci Fan Like Fibonacci levels, Fibonacci fan allows to define support and resistance levels. More often significant fall-down or growth make the price return to the previous levels.
Over the correction, the price meets resistance and support on the levels where Fi fan is located or nearby. In case the price breaks through support level, it moves to the level of resistance. As any other tool of technical analysis , it is not recommended to use Fibonacci fan without combination with another technical indicators, which can confirm possible resistance, support or trend change.
Other indicators can serve as filters of alerts for entering the market. Any indicators or oscillator suiting you can act as supplementary.
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