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Fibonacci

We should know from the beginning that the Fibonacci is a big big subject and there are many ways to study the Fibonacci.there is a lot of types of the Fibonacci but we will show 2 types only:the Fibonacci retracement and extension.

But first let us know who is Fibonaccii?

He was the geratest European mathematician of the middle ages,was born in italy (pisa),he was called also leonardo of pisa ,he discovered a simple series of numbers that created ratios describing the natural proportions of things in the universe

The Fibonacci ratio can start from this number: 1, 1, 2, 3, 5, 8, 13, 21, 34

The numebr series starts from the number 1 then the number 2 and after that we add 1+2 we will get 3 ,it will be the third number ,then we add 2+3 we will get 5 and that will be the fourth number

these are the ratios you have to know:

Fibonacci extension:the levels of Fibonacci extension will be 0, 0.382, 0.618, 1.000, 1.382, 1.618.many Traders can use the Fibonacci extension as profit taking level and when they watch the same levels ,they can buy or sell to enter the trade or cancel it,so this will become a due self-fulfilling execptation .

And the levels of Fibonacci retracement will be 0..236, 0.382, 0.500, 0.618, 0.764.a lot of traders use the Fibonacci retracement as support levels and when they watch the same levels,they can place buy and sell to enter the trade or cancel it so the support level become a self-fulfilling exepectation

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