Today, we will focus on the application of Fibonacci lines in more detail. As we have already spent some time on this topic, to get a better grasp of the issue I recommend you read the following articles:
For those who already know the articles or don’t want to read them now, I have found a video on the internet. The author of the video is Manesh Patel (probably coming from India) who explains in his videos how to trade. He makes more videos like the one we are presenting. If you look at YouTube you will find them all.
Fibonacci retracement and Initial Balance video
In the following video, trader Minesh Patel explains how the “Fibo” lines work, how and when to use them. Thought the length of the video is nearly one hour, I believe that you will not regard it as wasted time.
I recommend that you replay also this video (https://www.youtube.com/watch?v=nPArE_sblnk ) focused on Initial Balance, an indicator similar to Fibonacci lines using specific values applied to a specific time span. This indicator is certainly worth examining in more detail. I use it for making analyses almost every day.
Where to get the above indicators
Both the indicators are available freely over the internet or as part of strategies BERSI, BERSI 2.0 and BERSI Scalp (the latest version). All the strategies use weekly IB lines. The first two versions also include daily IB lines and BERSI Scalp Fibonacci lines.
I am of the opinion that all traders should know that these indicators exist. They can help with retracement or the identification of pullback’s bottom. Read the below articles to learn more: