Looking for a reliable broker for forex trading and a great platform for Forex Trading? Check out this review of IVG Capital, the go-to choice for legitimate retail traders. Learn why IVG Capital is trusted by traders for forex and crypto trading, and discover the benefits of using Match-Trader. Whether you’re a beginner or an experienced trader, IVG Capital offers a range of tools and resources to help you succeed in the trading world. Don’t miss out on this opportunity to elevate your trading experience with IVG Capital!
At the heart of IVG Capital’s offering is the Match-Trader platform, which now includes TradingView, the go-to charting package for many retail and professional traders. This blog explores the functionality of TradingView and its advantages over the traditional Match-Trader charting package.
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Fibonacci on the Match-Trader Platform
You may log in to the Match-Trader Platform through the IVG Capital website or use the URL www.platform.ivgcapital.com.
You may have seen our previous video on Match-Trader charting with its array of graphic tools, indicators and settings.
One of these tools is Fibonacci Retracements.
Simply select the tool, find an extreme high or low in the past, and drag until the 0% line touches the other side which will be the corresponding opposite extreme high or low.
Now, extend the graphic until it covers the current price action.
You can see from the Fibonacci graphic a list of percentages: 100%, 78.6%, 61.8%, 50%, 38.2%, 23.6% and 0%.
You may modify the graphic properties by clicking on the diagonal line.
Or delete by clicking the “X.”
These are the Fibonacci retracement levels and many traders, both retail and professional, use these levels as support and resistance in price action.
We can see from these examples that price action reached levels and then reversed.
In some cases, price action stayed between levels giving us range trading opportunities.
Of course, not every level will act as support or resistance so traders will pay attention to the next levels.
If you scroll back in time, you will see that these levels are important as they often acted as key levels earlier.
And, just like any support and resistance, often a level of support may also be a level of resistance at a different time.
This is why we call them Key levels.
Confirming Exit and Entry Points
Like any tool we use for trading and spotting exit and entry points, it’s never a good idea to use just one tool…even Fibonacci.
Of course, we have myriad other tools at our disposal like candlestick patterns.
We can see here where reversals off Fibonacci levels were confirmed by candle patterns.
We have technical indicators, like the stochastic oscillator, and we can see here where reversals off Fibonacci support and resistance levels were also confirmed by overbought and oversold signals.
You should experiment with your favourite indicators to determine which combination works on your strategy, instruments and time frames.
Click on the TradingView charting option and you will see, not only Fibonacci Retracements but a huge array of other Fibonacci graphic tools.
We will have many other videos exploring these.
That’s all for now. Come back soon for more videos and reviews on IVG Capital, Match-Trader and TradingView.