In this post I will be reviewing the Fibonacci Golden Zone Indicator for the MetaTrader 4 (MT4) online trading platform. MT4 is one of the most widely used forex trading platform and is used by some of the best forex brokers worldwide.
In this Fibonacci Golden Zone Review, I will be taking a closer look at this forex trading tool to see exactly what it is and how it works. Hopefully, this will help you to make a decision if it is something that you would like to implement as part of your daily trading routine.
How does the Fibonacci Golden Zone Indicator work?
The Fibonacci Golden Zone Indicator works by attaching it to any currency pair and any time frame chart that you wish for it to plot the Fibonacci levels for you. Thus, it is suitable for any level of forex trader, from beginners to the more advanced amongst you.
I personally believe that the major currency pairs will work best with the Fibonacci levels as they tend to be the most widely traded. Furthermore, when trading the major currency pairs on a good ECN forex broker you can get competitive spreads, commissions and minimal slippage due to the vast amount of liquidity providers (LP’s) used by such brokers.
The Fibonacci Golden Zone is something that not many forex traders know about. In fact, the 38.2, 50, 61.8 lines have all historically been shown to be the amongst retracement lines to use with the Fibonacci Indicator. Many professional traders and big banks use Fibonacci as their primary tool to analyse price reversal and retracement zones. Thus, you can understand how powerful a tool the Fibonacci Golden Zone Indicator can be in your trading arsenal.
How to use the Fibonacci Golden Zone indicator?
With the Fibonacci Golden Zone Indicator you will no longer need to manually draw and delete Fibonacci lines on your charts. For those of you who do not know, the Fibonacci levels are numbers found throughout nature and have for many years been used by traders to find important price points whilst trading the markets.
Fibonacci levels can be notoriously difficult to pin point exactly where they should be plotted but this is where the Fibonacci Golden Zone Indicator comes into play and does all of the hard work for you so there is no guess work needed. You should always confirm signals with any forex system using your own analysis.
Of course, where the lines are drawn can be subjective, something that the Fibonacci Golden Zone Indicator is not able to overcome but none the less the levels the indicator finds can still be very useful for things like potential entries, exits, support, resistance and more.
Whilst there is a default Fibonacci indicator included within MT4, it will not automatically plot the fibonacci levels for you, which is where this indicator comes in handy.
In order to use the TradeMiner software, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some inspiration, IC Markets are one of my top forex brokers as they have quick execution speeds, tight spreads, low commission fees and excellent customer support.
Trading with the Fibonacci Golden Zone indicator
In the forex market, the Fibonacci trading strategy traces trends in currency pairs. When a forex pair is trending in one direction, some believe that there will be a pullback, or decline in prices. Fibonacci traders contend a pullback will most likely happen at the Fibonacci retracement levels of 23.6%, 38.2%, 61.8%, or 76.4%.
Fibonacci retracements are popular tools that traders can use to draw support lines, identify resistance levels, place stop-loss orders, and set target prices. Fibonacci retracement levels often indicate reversal points with uncanny accuracy. However, they are harder to trade than they look in retrospect. These levels are best used as a tool within a broader strategy.
Generally, Fibonacci Retracement can be used in various time frames. However, the smaller timeframe, the closer the Fibonacci lines to each other. This may result in wrong readings. I prefer to use the higher chart timeframes as I feel like this helps to filter out some of the noise from the short-term chart timeframes.
Fibonacci studies do not provide a magic solution for traders. Rather, they were created by the human mind in an attempt to dispel uncertainty. Therefore, they should not serve as the basis for trading decisions. Most often, Fibonacci studies work when no real market-driving forces are present in the market.
Fibonacci Golden Zone Indicator Summary
Overall, the Fibonacci Golden Zone Indicator is a useful tool should you need assistance drawing your Fibonacci lines. Whatever forex trading system you use, it is very useful to know these levels as they can help find turning points (reversals) or breakouts in the market. This fibonacci indicator is very versatile and can be used for all types of trading strategy.
One thing to keep in mind is that you may not want to trade the Fibonacci Golden Zone Indicator alone and will possibly need additional technical, fundamental and price action analysis to compliment the Fibonacci lines it draws on your behalf. I would always want to confirm my entry or exit with additional market analysis.
You could always start using the Fibonacci Golden Zone software on a demo trading account to begin with. This could be a great way to familiarise yourself with how to use and get the most out of it. If you find that it is working well, you could always implement it within your own trading strategy to help you achieve your individual trading goals. There are many ways in which the Fibonacci Golden Zone indicator can be used, so it is important to try and see if it can work for you before making any commitment.
The Fibonacci Golden Zone Indicator includes instructions, full support and a money back guarantee.
Fibonacci Golden Zone Indicator
$99
Pros
- Versatile Forex Indicator
- Any Currency Pair
- Any Chart Timeframe
- Automatic Fibonacci Levels
- Traders Dashboard
- Manual Forex Trading
- Detailed Instructions
- Full Support
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Quite Complex For Beginners
- Requires Some User Initiative
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
