If you use Fibonacci Retracements a lot, this tutorial may just be for you. In a previous post, I showed you how to do this with a few screen shots and some written instructions.
Since then, I have become significantly more sophisticated (cough, cough) and I thought that I would do a video for you because that may be easier to understand for some people.
I know I like to see things in action myself. Anyway, this is what it can do for you…
Sometimes when you “pull a Fib,” you still have to go back with the crosshair to see what the exact price of a certain Fib line is. For example in this picture, I labeled the 38.2 retracement with the price level of 1.53686.
You may not want to do this with every Fib line because it might clutter up the charts, but being able to see the actual price of key Fib levels at a glance can be a huge time saver. This is especially true when you are in the middle of a trade and may not have the time to check the Fib levels on several different currency pairs.
Therefore, I created a quick video on how to do this. It is very simple once you know what to do. I guess that goes for a lot of things huh?
If you have any other Metatrader questions that you would like answered, feel free to leave a comment below and I will create a video on how to do it.
Hope you are trading well!