ELITE TRADER SERIES
Module 1: Trading Using Fibonacci Numbers:
How to master the use of Fibonacci numbers and sequences to determine potential Buy and Sell price levels.
Leonardo of Pisa, better known as Fibonacci, was an Italian mathematician, considered by some "the most talented mathematician of the Middle Ages". The Fibonacci numbers are a sequence of numbers named him. He introduced the sequence to Western European mathematics through his book called Liber Abaci in the thirteenth century.
In the Fibonacci sequence of numbers, each number after the first two is the sum of the previous two numbers. Thus the sequence is 0, 1, 1, 2, 3, 5, 8, 13, etc. It is the quotient of the adjacent terms that possesses an amazing proportion, roughly 1.618, or its inverse 0.618. This proportion is known as the golden ratio, or the golden mean. Fibonacci numbers and sequence can be found in the market. Not only does it relate to price, but time cycles also.
You are about to learn about a very powerful sequence of numbers and their ratios, that have a strong relationship to the movement of price. Calculations using these numbers are carried out on facts, being a high and low of a price of a trading range. Fibonacci Retracements use horizontal lines to indicate areas of Fibonacci Support and Resistance price levels.
Learn the calculations and how and when to use the Fibonacci Retracement Tools and then check the charts for yourself. The calculations will serve as a guide to future support and resistance level for price. It can be used in both bullish and bearish markets. You will see that Fibonacci Retracement Tools are simple to calculate and use. Yet a very powerful tool.
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