Fibonacci trading is a mysterious thing to novice TA followers. But all over the world experieced and professional traders have been using these retracements for years to help identify price sup-port and resistance. For months I have observe that it is very much effective in Dhaka Stock Exchanges (DSE) stocks. But as TA is not practiced here widely, nobody talk about Magic of Fibonacci. Today i just randomly selected three of my favorite stocks and Fibonacci proved again its magic.
Formula is not so complex. Major trend has two points : 100 and 0 and here its two dashed lines at top and bottom. At middle are fibonacci points lines.
They are generally, 0.382; 0.5; 0.618; 0.786; 1.618; 2.618.
In Ranfoundry we can see how price misteriusly went up and down in line with the fibonacci points.
Pictures follows: (Agni, Aims, Alhaj and Altex)
Formula is not so complex. Major trend has two points : 100 and 0 and here its two dashed lines at top and bottom. At middle are fibonacci points lines.
They are generally, 0.382; 0.5; 0.618; 0.786; 1.618; 2.618.
In Ranfoundry we can see how price misteriusly went up and down in line with the fibonacci points.
Pictures follows: (Agni, Aims, Alhaj and Altex)
Comments
Post a Comment