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Chapter 10, Part IX. Using Fibonacci for placing orders. Page 7

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 17, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    Commander in Pips:

    Well almost all that I want to tell you today – just some notes at the end of discussion:

    1. Although we’ve studied a powerful tool – how to apply Fibonacci to placing orders – this is just the single tool and no more. Try to not rely solely just on it. Use the combination of different tools to shift the odds in your favor;

    2. As we’ve said, Fib levels could fail and they do fail very often. It means that your stops could trigger also often. Sometimes, the market can hit your stop and then turn in your direction. You should not be frustrated by this possibility. Sometimes, you will have to reenter before the market will move in your favor. There are no 100% successful tools in Forex.

    3. Fibonacci levels should be apply in context of your possible trade, but not as a single tool for entering. We should not buy or sell blindly, just because this is a Fibonacci support or resistance level.

    P.S. This lesson was written by Sive Morten, who has been working for a large European Bank since April of 2000, and is currently a supervisor of the bank's risk assessment department. Sive's knowledge of forex market and banking industry is vast and quite complete. If you have any specific questions about forex, banking industry, or any other financial instruments, please post them on the next page and Sive should answer soon.

    Note: FPA ranks are earned in the battles against scam, not in the classroom.
    Hamza Samiullah and fran alvarez like this.
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