Elliot Wave Fibonacci
Introduction to the Elliott Wave Fibonacci Indicator
The Elliott Wave With Fibonacci Indicator combines Elliott Waves with Fibonacci retracements. These two gauges used together make a powerful price action indicator that can used as a standalone buy/sell indicator.
The Elliott Wave With Fibonacci Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Closer look on the Elliott Wave With Fibonacci Forex Indicator
To use the indicator properly and get the most out of it, one needs to have a pretty solid knowledge of Elliot Waves and Fibonacci extensions. Signals provided by the Elliott Wave With Fibonacci Indicator need manual interpretation. Generally speaking, when the price is making new higher highs and lower highs for uptrend or lower lows and higher lows for a downtrend, the moves are dividend into so-called Elliot Waves – strong impulse and then a correction. Fibonacci extensions are important market levels where the price tends to react. Combining these two tools can give really good results, but it requires experience and knowledge.
Buy Trade Example
In the example below, one can see a price is going generally upward. It made the 4th wave and the price reacted around near 50% Fibonacci level. Most probably the price will make a strong upward move soon.
Sell Trade Example
In the example below, one can see a price is going generally downward. It rejected 61.8 Fibonacci level, then made 2nd corrective wave and is ready to fall further soon.
What's Your Reaction?