In this Part, I will show you how to set up your Fibonacci Retracement tool, how to customize and use it. I will then thoroughly explain some chart examples, what to look for, and how to apply other technical analysis concepts to retracements. This will help find areas of confluence that should give you an idea of how you can implement this into your own strategy to provide some extra edge.
Page 1: -> Setting up & customizing your Fibonacci Retracement tool.
Page 2: -> Example 1 is a simple bearish retracement & explanation. -> Example 2 shows how you can look for a higher low after a break in a downtrend. -> Example 3 shows how you can add an additional piece of confluence to your retracement.
Page 3: -> Example 4, a thorough explanation on finding multiple parts of convergence with your retracements. By using additional indicators, and other time frames -> Additional tips when placing a retracement. -> Summary of Fibonacci retracements.
Setting up the Tool:
Firstly, to find the Fibonacci Retracement tool on TradingView, navigate to the drawing tools on the left side. Click on the third option down from the top. Then select the ‘Fib Retracement’ tool.
Choose Fib Retracement
Next, you will want to set up your Retracement tool with the numbers I showed on the previous part, and any others you may want to add yourself.
To do this, you will need to place a retracement onto the chart anywhere, and then double click it once applied, or find it here by clicking on the Settings icon:
This toolbar gives you basic options such as changing the thickness of the lines, changing the colours, deleting it etc.
Customize your tool:
Here is what my Retracement tool’s menu looks like, feel free to use what I have or add/change the values and the colours on your own. I recommend using certain colours that you like to make your chart as personalised as possible, I find it makes charting easier when you are familiar with the style of your chart.
You can see I have some other Fibonacci numbers there, 0.886 & 0.236. Which I turn on and off depending on the scenario. If you want all of your lines to be the same colour, then click on the “Use One Color” option to do so.
If you prefer you can also turn on a background colour to make your retracement tool stand out more.
Now, once you have finished setting your tool up, I highly recommend following this next step:
When you have entered all of your levels, colours etc, setting it up as a template is definitely a good idea in case you lose the edited version, or if it accidentally resets to the default. This way you can quickly turn on your pre-made Fibonacci retracement tool with no worries.
Click on your retracement, or find this option in the settings menu. Then select the “save drawing template as” option.
Then give it a name. This is an example of how you may want to set them up:
Add the Fib Retracement to your favourites, this will display it on a Favourites drawing toolbar. (See next image).
Add to favourites, click or tap the star icon.
Displays the favourite toolbar. You can toggle this on/off by selecting it.
This is what my Drawing Toolbar looks like. You can also add any other tools to this, completely up to you.
I like to have the tools on there that I always use for my technical analysis.
First of all, I would like to point out in this series I will be covering Fibonacci retracements and extensions only for now. The reason being, I want to showcase the most simple and most mango way to implement Fibonacci into your own analysis.
Personally, I do not use these Fibonacci tools solely on their own, but in confluence with other indicators or methods of analysis which (I will touch on some briefly later in the series).
Fibonacci Retracements
Fibonacci retracements come from ratios used to distinguish possible reversal levels, or support and resistance zones (S&R* zones). These ratios are from the Fibonacci Sequence.
A Fibonacci retracement is made up by taking a low and high point of a trend, then dividing the distance between them by Fibonacci ratios (23.6%, 38.2%, 61.8%). This plots out horizontal levels between the two anchor points.
A retracement can be seen as a pause in trend, or a higher time frame pull-back, which can be an edge for getting into larger trends at possibly better entries when used in a strategy with other indicators. A retracement is not a reversal, because, after a retrace, the price will usually continue in the same direction as the former trend.
Furthermore, retracements are a stationary tool so naturally, they give confluence with already priced in areas of support or resistance. But also price usually respects them more compared to other “reactive” or “lagging” indicators like Moving Averages because they are not reacting to price action and are fixed S&R*.
Each retracement level represents a Fibonacci percentage or ratio. However, some traders may not strictly use numbers derived from Fibonacci, mainly as a personal preference. For example, I actually use 0.35, 0.5 & 0.65 as I have found these to add extra edge and confluence in my analysis’ which I will go over further in the series.
Simple Visuals for different Retracements:
Bullish Fibonacci retracement: Price is trending up, and has a pause in the uptrend, essentially creating a higher low. Also seen as an opportunity in the market to enter longs at lower prices to position for another impulsive move upwards.
Also, any shorts may exit their positions around the same Fibonacci levels, as they anticipate a higher low. They want to get out before the price starts moving against them, especially if it’s a bullish trend.
Bearish Fibonacci retracement:
Price is trending down, and has a pause in the downtrend, essentially creating a lower high. Also seen as an opportunity in the market to enter shorts at higher prices for another impulsive move downwards.
Also, any longs may exit their positions around the same Fibonacci levels, as they anticipate a lower high.
The Most Common Retracements:
For now, I will provide examples of the most commonly found retracement levels (or ratios), and ones that I have found to be respected the most.
0.236 or a 23.6% retrace.
0.382 or a 38.2% retrace.
0.618 or a 61.8% retrace.
0.786 or a 78.6% retrace.
Additionally, you can implement a 0.5 or 50% retrace, although it is not a Fibonacci number, often traders will use it as a midline or median point between a swing high and low as it frequently gets well-respected as a level.
[ *Tip: I added two extra retracements to my tool, the 0.35 and the 0.65 values. The reason I do this is to simply mark out zones so I can more easily find confluence with other tools like analysing horizontal support/resistance from price action. ]
Fibonacci levels have been marked out on the chart below as a visual reference.
In this example you can see how after Bitcoin bottomed out in the $3-4k region, it manages to retrace and find resistance firstly at the 0.382 zones, then also rejects the 0.618 retracements (this was almost to the wick high perfectly). What previously is resistance is then used as support as it based right along the top of the yellow 0.382 zone before breaking below it and seeing a deeper correction.
I used this Bitcoin example as I know a lot of you reading this will be familiar with this particular chart, and for those who haven’t seen this Fibonacci retracement example before you may find it interesting, to say the least.
Calculating Fibonacci Retracement values:
23.6% – This is when you divide one number by another number three places to the right in the sequence. For example, if you do 13/55, or 21/89. These equal approximately 0.236 or 23.6%.
38.2% – This is when you skip a sequence in the division. For example, if you do 21/55, or 55/144. Another way to get it is: 0.618². These equal approximately 0.382 or 38.2%.
61.8% – This is when you divide the current number in the sequence with the next number (starting from 13). For example, if you do 34/55, or 55/89. These equal approximately 0.618 or 61.8%.
78.6% – Simply put, is when you get the square root of 0.618. For example √0.618.
0% and 100% are not actually Fibonacci numbers but represent the start (first anchor point) and the end of the retracement (second anchor point). 50% is midline or the median between the two.
Fibonacci Extensions
Fibonacci extensions are ratios formed by the Fibonacci sequence, these ratios are applied to a high and low point that create extensions beyond the 100% retracement level (first anchor point).
Extensions are commonly used to establish projected areas of projected support and resistance that can form when assets are in price discovery (making new highs or lows), or where there is little/no price history for you to use obvious horizontal support and resistance lines (or other similar methods).
However, extensions can be used when a chart is not in price discovery as they can provide additional confluence to your levels using existing support and resistance zones or other indicators. (I will touch on some examples of this in another part of the series).
Simple Visuals for different Extensions:
Fibonacci extension – Uptrend: Price is trending up (higher highs & higher lows) and has a pause in the uptrend, essentially creating a higher low. Once the higher low is confirmed, the price moves up past the previous high and beyond.
Extensions can become targets for longs to exit positions, or to take profits.
Fibonacci extension – Downtrend: Price is trending down (lower lows & lower highs) and has a pause in the downtrend, essentially creating a lower high. Once the lower high is confirmed, the price moves down past the previous lows and beyond.
Extensions can become targets for shorts to exit positions, or to take profits.
The Most Common Fibonacci Extensions:
Here are some of the most common Fibonacci Extension ratios, I will point out the ones I would recommend as a start because you can always try new ones and implement them later. Ultimately you can decide which ones you would like to use, this is just a general guide to try to help narrow your focus.
1.272 or a 127.2% ratio.
1.414 or a 141.4% ratio.
1.618 or a 161.8% ratio.
2.36 or a 236% ratio.
2.618 or a 261.8% ratio.
4.236 or a 423.6% ratio.
As seen below, these are the Fibonacci extension levels I have decided to recommend for starting off.
This is a simple example of how to place an extension, you can see the values I have used here: 1.272, 1.618, 2.36, 2.618.
You can see how the price didn’t really respect the 1.272 level much, whereas with the other three extensions it respected them much more obviously (evident with the 2.618 around the top).
This is only a brief explanation of how you can use this tool in your technical analysis but I will give a deeper explanation & tutorial in the upcoming part of the series, ‘Diving into Fibonacci Extensions’.
Calculating some Fibonacci Extension values:
127.2% – Is the square root of 1.618: √1.618
161.8% – Divide the next number in the sequence with the current number (these are covered in Part 1 when explaining where the golden ratio comes from).
236% – This is from removing the decimal place from “23.6%” and making it “236%”.
261.8% – Divide a number by two places to the left in the sequence and it equals roughly 2.618. Also calculated from 1.618².
423.6% – Divide a number by three places to the left and the ratio equals approximately 4.236. Example: 377/89 = 4.23595.
Other extensions that show up are actually not derived from the Fibonacci sequence, but use existing Fibonacci numbers that are and add 100% or 200% etc to the number. For example, the 361.8% & 461.8% ratios are just using the base of the 161.8% golden ratio and replacing the first 1 with 3 and 4.
The reason these ratios still may work is that as an asset continues to go further into price discovery the higher the relevant extension ratios become. Often traders will use these more ‘uncommon’ extensions like 361.8% or 427.2% as they might be the only way to gauge potential points of support or resistance.
This should give you a decent starting point and overview of Fibonacci Retracements & Extensions, and hopefully, you have learnt something new.
Part 3 is the next in the series, and that is solely focused on Fibonacci retracements.
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If you enjoyed this article and want to stay up to date with more to come, please join the discussion in our Community through Discord.
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In this Part, I will show you how to set up your Fibonacci Retracement tool, how to customize and use it. I will then thoroughly explain some chart examples, what to look for, and how
The Fibonacci Sequence, one of the most well-known formulas in mathematics, was invented by the Italian Leonardo Pisano Bigollo (or Leonardo Fibonacci) in his book “Liber Abaci”.
Simply put, each number in the sequence is the sum of the two numbers that precede it. For example: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144… To infinity.
This sequence was then found to create what is known as the “golden spiral” which implements these numbers into a “golden rectangle”. Each square is a Fibonacci number timesed by itself (8×8, 13×13 etc).
To get the Fibonacci spiral, draw a line starting in the bottom corner of a golden rectangle within the first square (start of the blue line) and then touch each succeeding multiple squares outside corners, this creates a Fibonacci spiral that continues forever.
Fibonacci Golden Spiral
Fibonacci sequence is seen in many things of nature so here is a smaller list of examples: Fibonacci can be found in sunflowers, korus, snails, eggs, many vegetables like romanesque broccoli & spiralled chillis. In pinecones, chameleon tails, waves, shells, whirlpools, spiral galaxies, and may even be visible in your own fingerprints.
Examples of Fibonacci in Nature
The Fibonacci sequence is all about proportion, and the 1.618 ratios (or its inverse 0.618) is referred to as the “golden ratio” or the “golden mean ratio”. This ratio is essential in almost everything and you can find it throughout nature.
In the Fibonacci sequence, every number is approximately 1.618 times greater than the previous number. You can multiply one number by 1.618 and it will give you approximately the next number in the sequence.
Calculating numbers in the Fibonacci Sequence:
3 x 1.1618 = (5)
5 x 1.618 = (8)
8 x 1.618 = 12.944 (13)
13 x 1.618 = 21.034 (21)
21 x 1.618 = 33.978 (34)
34 x 1.618 = 55.012 (55)
To add to the importance of the golden ratio, here is another example. If you take any two successive numbers in the sequence and divide them, their ratio gets closer to 1.618 as you go further along in the sequence:
In the next part, I will show how you can implement Fibonacci into your technical analysis.
Our Mango Socials
If you enjoyed this article and want to stay up to date with more to come, please join the discussion in our Community through Discord.
If you’re a trader, technical or fundamental analyst wanting to learn trading the Mango way, please check out the Mango Seed Program and join the Seed fam. Make sure to also reach out to some Seedlings who are in the program to get another perspective on their experience.
First of all, I would like to point out in this series I will be covering Fibonacci retracements and extensions only for now. The reason being, I want to showcase the most simple and most
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Holding ORN:
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How does the platform work, what are the benefits?
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Stakers and Brokers:
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Our Mango Socials
If you enjoyed this article and want to stay up to date with more to come, please join the discussion in our Community through Discord: www.themangoway.com/discord
If you’re a trader, technical or fundamental analyst wanting to learn trading the Mango way, please check out the Mango Seed Program, and make sure to reach out to some Seedlings who are in the program to get different opinions on it.
Looking at this formation here with three potential scenarios. In my eyes, this is an ascending triangle breakout, the same one that Shawn and many other members in the Grove have posted about recently.
I am looking for upwards continuation based on other indicators all in agreement on multiple time frames (I am talking about the higher time frames like the 2D, 3D, 4D & Weekly here). Volatility has been really low on many time frames and is starting to expand now, which means we will probably see the resolution of this formation up or down in the next 1-3 days at most.
I have a target of at least 53k from the measured move of the formation, but I would aim for 58-60k based on other Fibonacci extension levels.
If BTC loses this blue horizontal zone between $48700-49000 I think a move to at least that rising trend line and likely back down to purple box ($46600-47000). BTC would probably continue some ranging between these zones.
Break below purple support box will change my bullish bias, to more medium-term ‘bearish’. But would look for the marked levels around ($43,000 – 44,000) to bounce, which would likely line up with the Daily 21EMA as well.
I also like to look for confluence with CMEs (BTC1!) which look a lot more like an ascending triangle than spot price action. (Chart below). As long as it holds the 4hr 21EMA or Dynamic for that matter the trend is still up and I lean for continuation higher.
The Mango Dynamic on CMEs 4hr chart has been really accurate for the past couple of months, and this recently flipped green and is continuing to climb & use the blue dots as great opportunities alongside the 10SMA. I look at this as a way to determine the overall trend, as long as it keeps supporting price, naturally, it will continue higher.
I want to see momentum oscillators like RSI, Stochs & MACD all gaining positive momentum, start to get stronger as price moves higher.
A high volume node will be a useful indicator for confirmation as well.
Overall, this is looking like a bullish continuation formation, and we are highly likely going to see resolution very soon. I am leaning bullish from my own view of the indicators I see on the lower time frames, but also because the Weekly looks really strong. However, the support levels I have defined need to be held for this to happen.
Disclaimer: The ideas presented in this article should not be taken for investment advice, and are simply the views and opinions of the authors.
Watch Shawn’s Original YouTube Analysis
Quick Summary
We have started a new month! Bitcoin has closed a Monthly, Bi-Monthly, and today the Weekly. We will be covering higher/macro time frames, specifically the Monthly, 2M + 3M, with the Weekly being towards the end to cover more ‘immediate’ price action.
Monthly + Bi-Monthly
The Monthly close was very strong, with a close just above $13800.
So the question is, what is likely to happen over the next month or two?
There are four major levels of Support & Resistance:
$13900 as resistance, $12475 as a potential support level, and finally $11780 being the most important region of support.
$12475 is the August Monthly high, a level talked about on the daily videos as potentially being a strong support region. We need to keep in mind that if Bitcoin is very strong, which it is at the moment, it may result in BTC being bought up off of this level instead of any lower.
Bitcoin did not manage to clear the $13900 level on this candle, so just based on this it has not broken the Monthly or 2M resistance, YET. This may be an important piece of information for us all because it means that there is still a possibility that Bitcoin still may come down and retest lower levels (use a level as support). The first one being $12475, and the second $11780.
2 Month Chart:
2-Month timeframe
I personally really love this chart, as it clearly showed on September 1st that BTC broke out of its long term resistance, it also gave an area of support that was likely to be tested before moving up to $13900. Which it actually did perfectly.
When I look at this chart, I cannot ignore the $11780 level as it has the potential for a retest. However as mentioned before, we should not forget about $12475 as BTC buyers may step in and defend this level (which will show strong confidence in market participants and a rejection of any price lower than this).
Summary & what to look for:
If Bitcoin does start to break down, the levels I outlined will be where I see it the most likely to bounce off of. But this doesn’t mean it will happen, so I am prepared for it to just continue higher from here as everyone else waits for lower prices.
3 Month Chart:
Quarterly timeframe
This chart is what everyone should be watching for the end of this year, it is going to be the most telling in direction and will likely confirm the long term bull market if it closes above $13900-14000. This resistance is going to be key for the 3 Month close at the end of the year as well. This will mean that this consolidation since early 2018 will be resolved to the upside, breaking out of this massive ascending triangle pattern (could also be looked at as a bull flag/pennant).
The best-case scenario for Bitcoin long term is to see a convincing close above this level, similar to last cycle in late 2016, and then look for a possible retest for entries.
3 Month Summary & what to look for:
This huge ascending triangle has a horizontal resistance around $14,000. The 3M close will coincide with the 12M as well, and they both have that same key level. Any close above that is going to be extremely bullish. As mentioned, it will mean that the next market cycle phase is likely initiated with further continuation to the upside expected.
The Weekly had another good close but only just closed underneath the $13900 Monthly level. To me, there are no signs of weakness yet.
When looking at the weekly, the major area is the yellow box, a resistance zone that has held BTC down for almost 3 years. Bitcoin has now confirmed a second weekly candle above this, showing market acceptance. If you think about simple Support & Resistance, this area now has a possibility of being tested and is highly likely it provides strong support.
The reduction in percentage ‘dumps’ from each test of this zone (talking about compared from the first times in early 2018 -> now) hints that the same ‘big money/institutions’ that were originally using this zone to get out of the market or for shorts are now not interested in it anymore. So just based on this, what is it telling us? Price acceptance, and a major change in market behavior.
Any sort of move down to the low $12,000s, in my opinion, is a gift (or the Monthly support levels talked about earlier), and shouldn’t be ignored – It is also a really easy area to risk manage from. If this zone is tested in the next few weeks I expect that the 10SMA & 21EMA will be creeping up towards the box too.
Weekly Summary & what to look for:
If Bitcoin manages to break above the 14k level, I am expecting this to continue up towards 14.8-15k (.706 Fib level & 4D resistance), if that is broken the next level is around 16K (weekly resistance & .786 Fib).
If Bitcoin closes this Weekly underneath this level, and the following weeks also. I would then consider looking towards the mid 12,000s as they would be on the cards in my opinion. If there is any move down towards the levels mentioned (12k-12.4k) this would be a strong buying opportunity for me.
For information on the Mango Seed Program offered by Mango Research,check it out here.
