How to Trade Fibonacci in 2 minutes — Transcript

Full transcript

1. 0:00In 2 minutes or less, I'm going to show you  exactly everything that you need to know ever
2. 0:04about using Fibonacci and Fibonacci retracements  while day trading. So, let's get into it. If price
3. 0:10is trending up, you want to mark every single  high point. Every one of these little dudes,
4. 0:17you are going to use that the high points in an  uptrend as your market structure. So, anytime
5. 0:23price breaks above that high, you're looking  at Fibonacci levels. It's not going to happen
6. 0:27all the time, but when it does, it's amazing.  Now, the next thing that you're going to want
7. 0:31to do is set up your Fibonacci tool exactly like  I have it. The fib tool is the third icon down,
8. 0:37and you will see fib retracement. Put a star  next to it. It's very important. When you draw
9. 0:41on your chart, it will look different than what  I have. These are my settings. Take a screenshot,
10. 0:46and it will look exactly like mine. I've  also removed the background colors. Enjoy,
11. 0:51my friends. Now, once you have it set up, go  back to those high points that you marked in
12. 0:55your uptrend. If a high is broken and a candle  has closed above that high, then a retracement
13. 1:02starts. Drop up your fib zone from the bottom to  the top of the move. That means including wick
14. 1:08from the bottom to the top. And what I want you  to do is set a limit order in between the 0.5 and
15. 1:15the 618. If it doesn't hit, that's fine. Now, we  look at our new high. Price broke above it. And
16. 1:22until we start getting a retracement, we don't  draw our fib tool. So, we don't draw one here,
17. 1:27but we started to get a retracement here. Draw the  fib tool from the top to the bottom. We placed a
18. 1:33limit order here. Stop loss halfway between  the 618 and the one. And your take-profit is
19. 1:38the previous high. Now, price kept going up,  broke previous structure, but until you get a
20. 1:44retracement, you don't mark these until the very  top. Fib tool from the bottom to the top. limit
21. 1:50order halfway between stop-loss set in between  the 618 and the one take profit previous high.
22. 1:58You do the exact same thing for short positions  and it just keeps working over and over and over
23. 2:04and over again. If your limit order doesn't get  hit, that's fine. Move on to the next one. If you
24. 2:08guys want to see a full in-depth video on this  topic and how I use it on a one minute chart,
25. 2:14check out this video right here. Thanks so much  for watching and we will see you in the next