I made over 2 million trading altcoins this year alone.
Just one tool made this possible: Fibonacci.
Many know about it, but few use it correctly.
🧵: Guide on how to master this tool for trading alts 👇
Just one tool made this possible: Fibonacci.
Many know about it, but few use it correctly.
🧵: Guide on how to master this tool for trading alts 👇
Before I begin, I have a favor to ask...
I spent a lot of time writing this thread, trying to make it genuinely useful for you, so if it's not too much trouble, please bookmark it, retweet, leave a comment, or simply hit like 🤍
I spent a lot of time writing this thread, trying to make it genuinely useful for you, so if it's not too much trouble, please bookmark it, retweet, leave a comment, or simply hit like 🤍
➮ There are many strategies and indicators to assist in making trading and investment decisions
✧ However, many of them are complex and often cannot work alone, if they work at all and don't just create noise.
✧ But this indicator is useful on its own and works very often 👇
✧ However, many of them are complex and often cannot work alone, if they work at all and don't just create noise.
✧ But this indicator is useful on its own and works very often 👇
1/➮ What are Fibonacci levels?
✧ It's flat lines marking potential support and resistance points where prices might reverse
✧ The key to successfully using Fibonacci is to apply it in a trending market
✧ A long position at a Fibonacci support level during an upward trend and the opposite for a short position
✧ It's flat lines marking potential support and resistance points where prices might reverse
✧ The key to successfully using Fibonacci is to apply it in a trending market
✧ A long position at a Fibonacci support level during an upward trend and the opposite for a short position
2/➮ Why do we use Fibonacci levels?
✧ There are two main reasons why we use Fibonacci levels:
1. Strength of a move in the market
2. High probability support and resistance
Now, let's explain each one separately👇
✧ There are two main reasons why we use Fibonacci levels:
1. Strength of a move in the market
2. High probability support and resistance
Now, let's explain each one separately👇
3/➮ The strength of a move in the Market
✧ Using Fibonacci, we can also determine the strength of market movement.
The ratio of levels to strength:
✧ 0.236-0.382 - Very strong
✧ 0.5-0.618 - Normal
✧ 0.786 - Weak
✧ Using Fibonacci, we can also determine the strength of market movement.
The ratio of levels to strength:
✧ 0.236-0.382 - Very strong
✧ 0.5-0.618 - Normal
✧ 0.786 - Weak
4/➮ High probability support and resistance
1. Strong trend - 0.236/0.385 = hold
2. Weaker trend - 0.618/0.786 = hold
And when a Fibonacci level aligns with your support/resistance levels, it is the biggest change to hold
1. Strong trend - 0.236/0.385 = hold
2. Weaker trend - 0.618/0.786 = hold
And when a Fibonacci level aligns with your support/resistance levels, it is the biggest change to hold
5/➮ How to use Fibonacci levels?
✧ Find Fibonacci levels in the left panel of tools on TradingView
✧ For an uptrend, you need to click on the Swing Low point and drag it to Swing High
✧ For downtrend, click on the Swing High and drag it to Swing Low
✧ Find Fibonacci levels in the left panel of tools on TradingView
✧ For an uptrend, you need to click on the Swing Low point and drag it to Swing High
✧ For downtrend, click on the Swing High and drag it to Swing Low
6/➮ Now, we can move on to practice.
✧ I will cover the three main situations where employing Fibonacci levels can assist in identifying optimal entry points:
1. Uptrend
2. Downtrend
3. Golden Pocket
Let's dive in👇
✧ I will cover the three main situations where employing Fibonacci levels can assist in identifying optimal entry points:
1. Uptrend
2. Downtrend
3. Golden Pocket
Let's dive in👇
7/➮ Uptrend retracement
✧ Uptrend, the Fibo levels are placed from the SwingL to the SwingH
- If the price bounces off the 0.382 level, it's uptrend
- If this level is breached it's most likely the golden pocket
- And if the 0.786 becomes the last line it's a weak support zone
✧ Uptrend, the Fibo levels are placed from the SwingL to the SwingH
- If the price bounces off the 0.382 level, it's uptrend
- If this level is breached it's most likely the golden pocket
- And if the 0.786 becomes the last line it's a weak support zone
8/➮ Downtrend retracement
✧ During the downtrend, the Fibo levels are placed from the SwingH to the SwingL
- A strong downtrend must be followed by rejection at the 0.236 level
- To trade long, wait for Support/Resistance reversal at the 0.236 level
✧ During the downtrend, the Fibo levels are placed from the SwingH to the SwingL
- A strong downtrend must be followed by rejection at the 0.236 level
- To trade long, wait for Support/Resistance reversal at the 0.236 level
9/➮ The Golden pocket retracement
✧ The Golden retracement is the range between the 0.618 and 0.66 Fibonacci levels
✧ It serves as a favorable area to strategically enter positions
✧ The Golden retracement is the range between the 0.618 and 0.66 Fibonacci levels
✧ It serves as a favorable area to strategically enter positions
And finally, I want to add:
No indicator is a panacea, and I am generally skeptical of t/a.
I use them simply as auxiliary tools to find the best entry and tp.
Look at the bigger picture, evaluate fundamentals: vesting, community, narrative, and only then use indicators and support levels to find best entries and exits.
If it were that easy, then many traders would become millionaires just by applying Fibonacci levels or any other indicator...
No indicator is a panacea, and I am generally skeptical of t/a.
I use them simply as auxiliary tools to find the best entry and tp.
Look at the bigger picture, evaluate fundamentals: vesting, community, narrative, and only then use indicators and support levels to find best entries and exits.
If it were that easy, then many traders would become millionaires just by applying Fibonacci levels or any other indicator...
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✧ Community & mentorship
✧ Free airdrop software
✧ Shitcoin & NFT calls
✧ Daily news and airdrop to-do list
✧ Giveaways & WL raffles
Join for free
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