EURUSD 1.1663 USDJPY 111.11 USDCAD 1.2539 EURCZK 26.044 USDCZK 22.325 EURPLN 4.2624 USDPLN 3.6542
EURUSD 1.1663 USDJPY 111.11 USDCAD 1.2539 EURCZK 26.044 USDCZK 22.325 EURPLN 4.2624 USDPLN 3.6542

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Fibonacci channels help to identify potential resistance and support levels in trending markets

Rule of thumb

Trendlines indicated by the Fibonacci Channel tool by default are placed in accordance with the analysed market tendency – on ascending levels in the case of a rising market, and the opposite for a falling market

 

This can be inverted by manipulating with the location of the two base lines

Fibonacci channel is somewhat similar to the Fibonacci retracement, where trendlines are drawn diagonally instead of the horizontal retracement.

 

Fibonacci channel, golden ratio | HighSky

 

Based on current market tendency, this tools generates a set of  parallel trendlines - channels, where potential reversal of market action can be expected. The channels are based on the Fibonacci's ratios: 23.6%, 38.2%, 50%, and 61.8%.

 

The interpretation of signals provided by this tool is that once the prices get inside of one such channel, the bottom line becomes support and the upper one resistance.In the case of an ascending market tendency, the base line is plot by connecting two consequent market minimums, whereas in the case of a descending market, the base should be drawn by connecting two highs.

 

You can also refer to the general introduction to the Fibonacci theory.

 

How to use it with MetaTrader 5:

  • Identify a current market tendency.
  • Choose “Insert”/”Objects”/”Fibonacci” from the MetaTrader 5 menu and then “Fibonacci Channel”. In the case of an ascending market, connect the two consequent lows.
  • In the case of a descending market, connect the two consequent highs.
  • The height of the base channel can be adjusted by manipulating  the second parallel line. Typically, it can be set at the opposite market  extreme (i.e. if the base is drawn by connecting lows, the second line connects highs, and vice versa).

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