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Short Term Trading Nifty Future Using Fibonacci Retracement Level

By Bhaveek Patel 5 Comments

Fibonacci retracement level is actually combination of ratios of numbers of Fibonacci series. These ratios are used as support resistance in stocks and other financial markets, most of traders look these level for placing their entry orders also it is used to place stop loss for trade. So overall Fibonacci retracement in very important or I say must have tool for trading. Now I will demonstrate on how to use this trading tool, before using Fibonacci retracement traders must be clear about market trend i.e. in which direction market is moving then look for trades in same direction. Suppose market is moving upward then we will open buy positions only, for using Fibonacci retracement you need swing high and swing low (in other words recent high and recent low). Just apply Fibonacci retracement to that high and low, so now you will get retracement levels on your chart. Then see if market is taking support near any of those retracement levels that point will our buy entry point and then we can wait for 100 point target and placing stop loss just below support level. Remember if trend is downtrend then Fibonacci retracement level acts as resistance and then on retracement you will enter short position on nifty future.

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Category: Nifty Tags: Fibonacci Level/ Nifty Future/ Short Term Trading

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. Nitin says

    Fibonacci retracement works best for those stocks which are in decent uptrend. Also, other technical factors should also be considered, like candle patterns, moving averages, trend lines if possible, momentum indicators, etc.
    Whats your say Bhaveek?

    Reply
  2. Atharv says

    Fibonacci retracement level 61.8% is best when using it for support or resistance, I have seen this level being very crucial for majority of stocks.

    Whats your thought on this? and what extension levels do you prefer? do we have any Fibonacci extension levels strategy?

    Reply
  3. hussain says

    For trend trading fibonacci works well along with momentum indicators such as MACD. I am still betting on technical analysis.

    Reply
  4. rahul says

    can we get high probability trades by using Fibonacci retracements only or do we need other indicators as well?

    Reply

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