Fibonacci Lines

Fibonacci lines – The lines or retracements of Fibonacci are not strictly comparable to the indicators category, as indeed useful in tracing supports and resistance. However it is a tool directly applicable to the chart and we decided to put it here. On the IQ Option broker’s chart (But also on the other brokers) Fibonacci lines are located in the drawing tools and its application ways are two:

fibonacci lines 2

On downward trend, as the picture above, click and hold on the highest resistance (100), then drag the tool up to the current support point (0)

On upward trend, do the opposite operation, clicking and hold on the lower support point (100) and drag to the higher resistance (0), as in the picture below.

fibonacci lines 1

This tool can also be used 60 seconds expiration timeframe, but naturally supported by other indicators such as Bollinger and / or Moving Averages. Until now we have focused on technical indicators, which together with the oscillators can be more powerful and more precise.

We suggest to use indicators with our partner Trading View and take a look also at the Candlestick Patterns guide.

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