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This is a leading indicator and it is widely used.Price is expected to retrace or rebound or move to certain level as indicated in fibonacci study lines. I try my best to explain fibonacci in layman terms.Fibonacci indicates human psychology level. How do you measure Mr Universe or Ms Universe body figure to qualify him as a winner?The proportion on their body tell us that he/she is thw winner as our human mind psychology says it. Why is credit card designed in such a measurement? Cause our human psychology tells us such measurement is ideal.So, same thing when apply in trading. Price is expected to move to certain levels in fibonacci line.
Definitions:
Insert fibonacci in MT4
Using fibonacci to trade videos
http://www.youtube.com/watch?v=-I2zh2k8ETg
http://www.youtube.com/watch?v=U-dqfwmjRnk&feature=related
http://www.youtube.com/watch?v=lP9z6kw1Deg&feature=related
http://www.youtube.com/watch?v=U-dqfwmjRnk&feature=related
http://www.youtube.com/watch?v=lP9z6kw1Deg&feature=related
http://www.youtube.com/watch?v=OER9_078fsk&feature=BFa&list=ULyVcwv-ItTOE&lf=mfu_in_order
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