How to Use Fibonacci Retracement in Tradingview ✔️ Draw FIBONACCI Correctly ✏️ Golden Zone Settings

Summary

This video tutorial guides viewers on how to add Fibonacci retracement to a chart on TradingView. It explains the process of identifying a swing and a retracement to draw the Fibonacci levels correctly. The video emphasizes the significance of the 'Golden Zone' between 0.382 and 0.618 levels, often where price reversals occur. It also demonstrates how to customize the Fibonacci settings to focus on these key levels, enhancing the viewer's understanding of chart analysis in trading.

Takeaways

• 📈 To add Fibonacci retracement to TradingView, start by opening a chart and navigating to the 'Super Charts' option.
• 🛠️ Access the Fibonacci tools by clicking on the 'Gann and Fibonacci' tools in the upper left corner of the chart.
• 🔍 To draw Fibonacci levels, identify a strong price swing and a retracement in the opposite direction.
• 📍 Begin the Fibonacci retracement from the lowest point of the swing and drag it to the highest point.
• 🌟 The most crucial Fibonacci zone, known as the 'Golden Zone', lies between the 0.382 and 0.618 levels.
• ⚙️ To customize the Fibonacci settings, click on the tool and navigate to the 'Settings' tab to adjust the levels displayed.
• 🛑 Many traders disable all levels except for 0, 0.382, and 0.618 to focus on the most significant areas.
• 🎨 The speaker suggests personalizing the color coding by changing 0.618 to 'Golden' and 0.382 to 'Gray'.
• 👨‍🏫 For further education on TradingView, the speaker offers an extensive course on YouTube covering all aspects of the platform.
• 💡 The video script serves as a tutorial for using Fibonacci retracement in TradingView, emphasizing the importance of the 'Golden Zone'.

Q & A

How do you add Fibonacci retracement to a chart on TradingView?

To add Fibonacci retracement to a chart on TradingView, you first open the chart, navigate to 'Product', then press 'Super Charts'. Next, go to the upper left corner and press 'Gann and Fibonacci' tools, and finally select 'FIB retracement'.

What is a swing in the context of Fibonacci retracement?

A swing is a strong move either up or down in the market, which is used as a reference point for drawing Fibonacci retracement levels.

What is a retracement in the context of Fibonacci retracement?

A retracement is a move in the market that goes in the opposite direction of the swing, and it's used to identify the start and end points for drawing the Fibonacci retracement levels.

How do you correctly draw Fibonacci levels on a chart?

To draw Fibonacci levels correctly, you start from the lowest point of the swing and drag it up to the highest point of the swing.

What is the most important Fibonacci zone according to the script?

The most important Fibonacci zone is between the 0.382 and 0.618 levels, which is often referred to as the 'Golden Zone'.

Why is the zone between 0.382 and 0.618 called the 'Golden Zone'?

This zone is called the 'Golden Zone' because it is where the price often reverses, making it a significant area for potential market turns.

How can you change the settings of the Fibonacci retracement on TradingView?

To change the settings, you press on the Fibonacci tool, navigate to the 'Settings' tab, and adjust the levels as desired.

What are some common settings adjustments traders make for the Fibonacci retracement?

Many traders disable all levels except for 0, 0.382, and 0.618, and some change the color of the 0.618 to 'Golden' and the 0.382 to 'gray' for better visibility.

How can you disable all Fibonacci levels except for 0, 0.382, and 0.618 on TradingView?

In the 'Settings' tab of the Fibonacci tool, you can disable all other levels and only enable 0, 0.382, and 0.618 by toggling the switches next to each level.

What additional resource is mentioned for learning more about TradingView?

The script mentions a long TradingView course on YouTube that covers everything needed to know about using TradingView.

What are Gann and Fibonacci tools in TradingView?

Gann and Fibonacci tools in TradingView are technical analysis tools used for chart pattern recognition and retracement level drawing, respectively.

Outlines

00:00

📈 Adding Fibonacci Retracement to TradingView

This paragraph explains how to add Fibonacci retracement to a chart on TradingView. The process starts by opening a chart and navigating to the 'SuperCharts' option under 'Product'. Then, the user is guided to access the 'Gann and Fibonacci tools', specifically the 'FIB retracement' tool. To use the tool effectively, one must identify a 'swing', a strong price movement, and a 'retracement', a move in the opposite direction. The Fibonacci retracement is drawn by selecting the lowest point of the swing and dragging it to the highest point. The 'Golden Zone', between the 0.382 and 0.618 Fibonacci levels, is highlighted as the most significant area for potential price reversals. The paragraph also details how to customize the Fibonacci levels by disabling all but the 0.382 and 0.618 levels and renaming them to 'Golden' and 'gray', respectively. The speaker concludes by promoting a comprehensive TradingView course available on YouTube.

Keywords

💡Fibonacci Retracement

Fibonacci Retracement is a technical analysis tool used in trading to identify potential reversal levels in the price of a financial instrument. It is based on the Fibonacci sequence, where significant retracement levels are identified at 0.382, 0.5, and 0.618. In the video, the presenter guides viewers on how to add this tool to TradingView and emphasizes the importance of the 0.382 to 0.618 zone, also known as the Golden Zone, as a key area where prices often reverse.

💡TradingView

TradingView is a popular online platform for traders and investors to analyze financial markets and share ideas. It offers various tools and features, including charting capabilities and social networking functions. The video's theme revolves around using TradingView to apply Fibonacci Retracement, showcasing its interface and tools for financial analysis.

💡Swing

In trading terminology, a swing refers to a strong price movement in either an upward or downward direction. It is a significant part of the Fibonacci Retracement tool's application, as the tool is used to measure the retracement after a swing. The video script mentions identifying a swing to correctly apply Fibonacci levels.

💡Retracement

Retracement in trading is a price movement that goes in the opposite direction of the previous trend, typically following a strong swing. It is used to identify potential reversal points where the original trend may resume. The video explains that after identifying a swing, one must also identify a retracement to apply Fibonacci Retracement effectively.

💡Golden Zone

The Golden Zone is the area between the 0.382 and 0.618 Fibonacci retracement levels, which is considered the most significant in terms of potential price reversals. The video script highlights this zone as particularly important, suggesting that traders often focus on these levels to predict future price movements.

💡Settings Tab

The Settings Tab in TradingView is where users can customize the appearance and functionality of various tools, including the Fibonacci Retracement. The video script instructs viewers on how to access and modify the settings to highlight the most important Fibonacci levels, such as changing the color of the 0.618 level to 'Golden'.

💡Chart

A chart in the context of the video refers to the graphical representation of financial data, which traders use to analyze market trends and make decisions. The video begins with instructions on how to open a chart in TradingView, which is the foundation for applying technical analysis tools like Fibonacci Retracement.

💡Product

In the video script, 'Product' likely refers to the financial product or instrument that the trader is analyzing, such as a stock, currency pair, or commodity. It is the subject of the chart where the Fibonacci Retracement tool is applied to predict future price movements.

💡SuperCharts

SuperCharts is a feature within TradingView that allows users to access advanced charting capabilities. The video script mentions navigating to 'SuperCharts' as part of the process to access the Fibonacci tools, indicating its role in providing enhanced charting options.

💡Gann and Fibonacci Tools

Gann and Fibonacci Tools are part of the technical analysis features available in TradingView. The video script instructs viewers to navigate to these tools to access the Fibonacci Retracement feature, highlighting the integration of various technical analysis methods in the platform.

💡Disable

In the context of the video, 'Disable' refers to the action of turning off or hiding certain Fibonacci levels on the chart to focus on the most significant ones. The script explains how to disable all levels except for 0 and 0.382, 0.618 to simplify the analysis and concentrate on the Golden Zone.

Highlights

To add Fibonacci retracement to TradingView, open a chart and navigate to 'SuperCharts'.

Access the Fibonacci tools by clicking on 'Gann and Fibonacci' in the upper left corner.

Select 'FIB retracement' to draw your Fibonacci levels.

Identify a strong move (swing) in the market, either up or down.

Identify a retracement, which is a move in the opposite direction of the swing.

Start the Fibonacci retracement from the lowest point of the swing.

Drag the Fibonacci retracement to the highest point of the swing.

The most important Fibonacci zone is between 0.382 and 0.618, known as the 'Golden Zone'.

To change the settings of the Fibonacci retracement, select it and go to the 'Settings' tab.

Disable all levels except 0, 0.382, and 0.618 to focus on the most important areas.

Customize the 0.618 level to 'Golden' and the 0.382 level to 'Gray' for better visualization.

After customizing, press 'OK' to apply the changes to the chart.

With the settings applied, only the 'Golden Area' will be visible on the chart.

For a comprehensive guide on TradingView, there is a detailed course available on YouTube.

The YouTube course covers everything needed to know about TradingView and its usage.

Transcripts

so to add Fibonacci retracement to

trading view you first want to open up a

chart so we want to go up here to

product and we want to press on super

charts right here next we want to

navigate here to the upper left corner

we want to press the Gan and Fibonacci

tools right here and we want to go down

and press on FIB retracement to draw

your Fibonacci levels correctly you need

to identify a swing which is a strong

move either up or down and you need to

identify a retracement which is a move

that goes in the opposite direction of

the Swing you start your Fibonacci from

the lowest point of the swing and you

drag it up to the highest point of the

Swing the most important Fibonacci zone

is this zone right here the Zone in

between the 0.382 to

0.618 which you can barely see this zone

right here is called the Golden Zone

because this is where the price often

reverses to change the settings of the

Fibonacci you want to press on the

Fibonacci and you want to go up here to

the settings tab and here you can see

all the Fibonacci levels we currently

have on our chart but remember that the

0.382 to 0.618 is the most important

area so what many Traders do is that

they disable all the levels here except

0 0.382 and 0.618 and what I like to do

here is to change the 0.618 to Golden

and change the 0.382 to gray now we're

ready to go down here and press okay and

as you guys can see now we only have the

golden area on the chart if you guys

want to learn more about trading view I

actually have a long trading view course

here on YouTube where I basically go

over everything you need to know about

trading View and how to use it