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Fibonacci Price Projections – Correct Calculation and Application
Fibonacci Price Projections

Correct Calculation and Application
© 2010-2011 PriceMasterPro.com
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THE INFORMATION PROVIDED IN THIS DOCUMENT IS FOR EDUCATIONAL PURPOSES ONLY. IT IS PROVIDED
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REPRESENTATION IS MADE THAT IT IS AACCURATE, COMPLETE OR CURRENT OR THAT ANY RETURNS
INDICATED WILL BE ACHIEVED. CERTAIN ASSUMPTIONS HAVE BEEN MADE IN THIS ANALYSIS, WHICH MAY
IMPLY PROJECTED RETURNS WOULD BE ACHIEVED. CHANGES TO THE ASSUMPTIOSN MAY HAVE A
PARTICULAR IMPACT ON ANY RETURNS.
Required Disclaimer CFTC Rule 4.41
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE

AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO,
SINCE THE TRADES HAVE NOT BEEN ACTUALLY EXECUTED, THE RESULTS MAY HAVE UNDER-OR
OVERCOMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF
LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE
DESIGNED WITH THE BENEFIT OF HINGSIGHT. NO REPRESENATIO IS BEING MADE THAT ANY ACCOUNT WILL
OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
________________________________________________________________________
Table of Content
RIGHTS SECTION........................................................................................................... 3
LEGAL STATEMENTS.................................................................................................... 4
Table of Content ............................................................................................................... 5
Introduction........................................................................................................................ 6
Basic Determination ......................................................................................................... 7
Internal Fibonacci Projections ........................................................................................ 8
Fibonacci Retracement ............................................................................................... 8
External Fibonacci Projections ..................................................................................... 10
Fibonacci Extension ................................................................................................... 11
Fibonacci Expansion.................................................................................................. 13
Fibonacci Alternate ........................................................................................................ 15
Application ....................................................................................................................... 17
Available Tools ............................................................................................................... 21
Conclusion ....................................................................................................................... 24
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Introduction
There are many tools available today to assist veteran and novice traders in
trading the financial markets. However, it is the choice of tool, proper application,
and discipline that makes the difference between a successful and non-
successful trader.
Fibonacci price projections are such tools used by professional and savvy traders
to consistently beat the market with healthy returns on their capital. Many novice
and intermediate traders wish to utilize such tools but fail to do so either due to
lack of knowledge or improper application, or simply not having enough working
capital to gain access to such tools.
One can go about searching online to find information pertaining to such tools;
the internet provides a plethora of information regarding the subject. But, you will
soon realize it will not be an easy task since you will find information availability is
fragmented at best. The aim of this eBook is to make it easy for the knowledge
seeker to find relevant information in one location and to also provide some
details that goes beyond what is available online.
In this eBook I will shed light on the subject and provide you with simple to
understand basic information on how to properly calculate and apply the
Fibonacci price projections in the same fashion as professionals do.
Information will be provided with little “fluff “ to make studying it as efficient as

possible.
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Basic Determination
Fibonacci price projections are used as support and resistance levels, they are
considered leading indicators since the price projections they produce are at
some point in the future.
It is expected or anticipated for the market to react to these lines either by

stopping and reversing direction, or by violating them. Either way the aim of the
user is to capitalize on this reaction by taking a position in the market.
One of the advantages of Fibonacci price projections is that it can be used on

any market and in any market condition. No matter whether the market is bound
to a range or is trending, you can apply Fibonacci price projections.
Fibonacci price projections are of two categories and four types. The first
category is Internal Price Projections. This category encompasses Fibonacci
retracement projection. The second category is External Price Projections; this
category encompasses Fibonacci Extension, Expansion and Alternate studies.
Bellow is tabular summary.
1. Internal Projections
a. Retracement
2. External Projections
a. Extension
b. Expansion
c. Alternate
I will expand on the meaning of Internal and External projections next
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Internal Fibonacci Projections
Fibonacci Retracement
Fibonacci retracement occurs when price retraces a previous trend by a certain

ratio of the range of that trend. To determine the range you need to identify the
two market swings bordering the trend. In figure 1 below these points are
identified as 1 & 2. Then you need to determine the price range between these
two swing points. Once you determine the range apply the most observed ratios
23.6%, 38.2%, 50%, 61.8%, and 78.6%. Each ratio application will provide you
with a number of points that you then subtract or add, depending on the
orientation of the swing, from/to the high/low swing, point 2.
Figure 1. Up trend followed by a retracement to the 38.2% projected level.
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For example, Figure 1 shows a strong bullish trend in the underlying instrument.
This would signal that we should expect the price to retrace a portion of that
bullish move. To determine potential support levels we will perform the following
determinations:
1) Identify price level at point 1 = 0.8300

3) Subtract point 1 from 2 to determine the range = 0.0200
4) Apply most observed Fibonacci retracement ratios:
a. 23.6% = (0.0200 x 0.236) = 0.00472
b. 38.2% = (0.0200 x 0.382) = 0.00764
c. 50.0% = (0.0200 x 0.500) = 0.01000
d. 61.8% = (0.0200 x 0.618) = 0.01236
e. 78.6% = (0.0200 x 0.786) = 0.01572
5) Subtract points determined in step 4 from swing point 2 to derive the

support levels:
a. 23.6% price level = 0.8500-0.00472 = 0.8452

b. 38.2% price level = 0.8500-0.00764 = 0.8424
c. 50.0% price level = 0.8500-0.01000 = 0.8400
d. 61.8% price level = 0.8500-0.01236 = 0.8376
e. 78.6% price level = 0.8500-0.01572 = 0.8343
There you have it!
Please note that in the above example I did not use exact price levels as
represented in the chart in figure 1. I used mock numbers for illustration
purposes.
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Because the price retraces (i.e. moves in the opposite direction of) the main
trend, it is categorized as internal, or in other words, the price moves into the
previous trends range.
As price retraces into the range of the original trend, it is expect to stop at one of
the levels mentioned above before reversing and continuing in the original
direction of the main trend. Due to this fact, Fibonacci retracement levels make
excellent stop-loss levels.
External Fibonacci Projections
External projections include Fibonacci Extensions, Expansions, and Alternates. I

shall breakdown each one of these studies separately below in a moment;
however, it is important to point out commonality between the three studies for
easier explanation.
All three studies have one thing in common and that is they enable the
practitioner/trader to predict future price reversal levels outside of the previous
trends range; therefore, external Fibonacci price projections are ideal for setting
profit-targets. Furthermore, all three studies apply as predictors of potential trend
exhaustion points following a retracement.
The only difference between the three studies is how they are calculated, to a
greater extent, and the Fibonacci ratios used in each one, to a lesser extent.
The most widely known and used external Fibonacci projection is Fibonacci
Expansion. Unfortunately, Fibonacci Extension and Alternate projections are not
well adopted in the trading arena. The reason behind this is unknown, but not
________________________________________________________________________
using them is similar to driving with one eye closed; obviously, this suggests that
the trader is not using all information available to him/her to make a trade
decision, similar to the driver not receiving full perception of the road, and thus at
a point of disadvantage. If you are going to use Fibonacci projections, use them
all so that you have a complete picture of all potential support and resistance
levels. This will become more critical and evident as you read further in the
eBook.
Fibonacci Extension
Fibonacci Extension occurs once the market has retraced a previous bullish or
bearish trend. They are referred to as an extension since it attempts to extend
the range of the previous trend outwards. As mentioned above, it is used to
predict potential trend exhaustion points after the continuation of the trend.
Fibonacci Extension is also known as External Retracement, but for the rest of
this chapter I will refer to it as Fibonacci Extension.
Fibonacci Extension is calculated based on the range of the previous trend after
a retracement had occurred. Therefore, for an extension projection to apply, a
three pivot pattern has to form. In figure 2 below I have identified these points as
1, 2, and 3. The range of the previous trend between points 1 and 2 is
determined and then you apply the Fibonacci ratios. The most observed ratios
are 100%, 138.2%, 161.8%, and 200%. The resultant values are then added or
subtracted to/from point 2 to determine future price levels.
________________________________________________________________________
Figure 2. Up trend followed by a retracement, then a trend continuation with an extension to the
161.8% level.
I will use Figure 2, which is the same market move as in Figure 1, to illustrate the
calculation following the same steps as before.

2) Identify price level at point 2 =0.8500
4) Apply most observed Fibonacci extension ratios:
a. 100.0% = (0.0200 x 1.000) = 0.0200
b. 138.2% = (0.0200 x 1.382) = 0.02764
c. 161.8% = (0.0200 x 1.618) = 0.03236
d. 200.0% = (0.0200 x 2.000) = 0.04000
________________________________________________________________________
5) Add points determined in step 4 to swing point 2 to derive the support

levels:
e. 100% price level = 0.8500+0.0200 = 0.8700
f. 138.2% price level = 0.8500+0.0276 = 0.8776
g. 161.8% price level = 0.8500+0.0.0324 = 0.8824
h. 200% price level = 0.8500+0.0400 = 0.8900
Figure 2 above depicts Fibonacci Extension in action. Please take a note on how
price moved from Point 3 and found resistance at extension level 161.8%
Any one of shown extension levels above 100% would have made excellent
profit target objective.
Fibonacci Expansion
Fibonacci Expansion occurs once the market has retraced a previous bullish or
bearish trend. It is referred to as an expansion since it attempts to expand the
range of the retracement outwards beyond the pivot point marking the beginning
of the retracement. As mentioned above, it is used to predict potential trend
exhaustion points after the continuation of the trend.
Fibonacci Expansion is calculated based on the range of the preceding

retracement after a trend had occurred. Therefore, for an expansion projection to
apply, a three pivot pattern has to form. In figure 3 below I have identified these
points as 1, 2, and 3. The range of the retracement between points 2 and 3 is
determined and then you apply the Fibonacci ratios. Please take careful note
that the range of points 2 and 3 is used here as compared to range used in
fibonacci Extension. An easy way to remember this is by thinking that Fibonacci
Expansion expands the small leg or swing of the 1-2-3 pattern.
________________________________________________________________________
The most observed ratios are 100%, 138.2%, 161.8%, 200%, and 261.8%. The
resultant values are then added or subtracted to/from point 2 to determine future
price levels.
Figure 3. Up trend followed by a retracement, then a trend continuation with an expansion to the
261.8% level.
I will use Figure 3, which is the same market move as in Figure 1 and 2, to
illustrate the calculation following the same steps as before.
________________________________________________________________________

a. 100.0% = (0.0030 x 1.000) = 0.0030
b. 138.2% = (0.0030 x 1.382) = 0.0041
c. 161.8% = (0.0030 x 1.618) = 0.0049
d. 200.0% = (0.0030 x 2.000) = 0.0060
e. 261.8% = (0.0030 x 2.618) = 0.0079
levels:
f. 100% price level = 0.8450+0.0030 = 0.8480
g. 138.2% price level = 0.8450+0.0041 = 0.8491
h. 161.8% price level = 0.8450+0.0049 = 0.8499
i. 200% price level = 0.8450+0.0060 = 0.8510
j. 261.8% price level = 0.8450+0.0079 =0.8529
Similar to Fibonacci Extension, price found resistance at level 261.8%. Again,

any level above 100% expansion would have acted as an excellent profit target.
Fibonacci Alternate
Fibonacci Alternate occurs in the same fashion as the previous two external
projections once the market has retraced a previous bullish or bearish trend. It is
referred to as an alternate or parallel projection since it attempts to project
market movement outwards beyond the pivot point marking the beginning of the
retracement but the projection starts at the pivot marking the end of the
retracement. As mentioned above, they are used to predict potential trend
exhaustion points after the continuation of the trend.
________________________________________________________________________
Fibonacci Alternate is calculated based on the range of the preceding trend.

Therefore, for an alternate projection to apply, a three pivot pattern has to form.
In figure 4 below I have identified these points as 1, 2, and 3. The range of the
trend between points 1 and 2 is determined and then you apply the Fibonacci
ratios. The most observed ratios are 138.2%, 161.8%, and 200%. The resultant
values are then added or subtracted to/from point 3 to determine future price
levels.
Figure 4. Up trend followed by a retracement, then a trend continuation with an extension to the
132.8% level.
I will use Figure 4, which is the same market move as in Figure 1, 2, and 3 to
illustrate the calculation following the same steps as before.

________________________________________________________________________

i. 138.2% = (0.0200x 1.382) = 0.02764
j. 161.8% = (0.0200x 1.618) = 0.03236
k. 200.0% = (0.0200x 2.000) = 0.04000
levels:
l. 138.2% price level = 0.8420+0.0276 = 0.8696
m. 161.8% price level = 0.8420+0.0324 = 0.8744
n. 200% price level = 0.8420+0.0400 = 0.8820
An easy way to remember this projection is to remember that it starts from a

point parallel to the vector of the original trend. In the example above, the
projection is applied to point 3 instead of point 2 as previous.
Application
By calculating Fibonacci projections in the fashion outlined above, the trader is

able to produce several price levels, all of which are of high probability to act as
future price reversal areas. But, the power of this tool does not end there.
The trader can make this tool even more powerful by using the synergy among
the various Fibonacci projections to compound their effectiveness.
________________________________________________________________________
Figure 5. Confluence of multiple Fibonacci projections had correctly predicted two strong
resistance levels where price reversed direction.
To do so, the trader would need to calculate all four Fibonacci price projections
on two or three degrees of market swings (preferably more). A degree means
one level higher, or one time-frame higher from the degree or time-frame being
observed. Therefore, 2-3 degrees higher market swings means, 2-3 higher
swings or time-frames. This is important in order to capture the various trend
levels available in the market (long, intermediate, and short).
Once all Fibonacci price projections are determined, the trader needs to look for
areas where different projected price levels cluster. This will be evident in the
________________________________________________________________________
way the price levels overlap in a very small price range. These clusters, or
confluence areas of price projections act as very high probable reversal market
points; more so than each level by itself.
Naturally, this method creates multiple support and resistance levels that the
trader can anticipate price reversal at and capitalize on this information to make
trade decisions. Furthermore, knowing this information enables the practitioner
to anticipate market reversal points in advance thus entering the market at an
ideal entry price.
Here is a chart for the most recent action as of July 2010 for the EURUSD
currency pair on the 1-hour time-frame with all Fibonacci projections applied for 3
degrees of swing.
Figure 6. All Fibonacci projection studies are applied in synchrony on the EURUSD currency pair
with areas of confluence highlighted.
________________________________________________________________________
I have highlighted areas of confluence created by 2 or more over-lapping

Fibonacci price projections and numbered them 1-6.
There are several important things to point out in this figure:
1. Note how price behaved (reversed or hesitated) around confluence areas

vs. areas with a single projection level.
2. Note price advancement at levels with no projections
3. Note how each confluence level had 2 or more Fibonacci projection type
within it
The above figures show that without the application of all Fibonacci projections,
one would not have been able to identify these potential reversal areas, and thus
would have missed the opportunity to capitalize on market reversals.
Now, as much as it is advantages to use Fibonacci price projections in trading, it

does fall short in one aspect and that is the accuracy of the projected forecasts
and thereby the confluence areas is some what subjective. Let me elaborate.
I had mentioned earlier in this eBook that it is important for the practitioner to
consider more than 1 market swing, and preferably 2 or more swings; however,
the challenge then becomes in determining which market swings are best to
use? What is the best number of degrees of swings one has to consider? Which
swing degree will be more applicable to the immediate move in the market?
These are all questions where the answer will vastly affect the outcome of the
projections.
Luckily, you no longer have to find the answer to these questions yourself since
there are tools that will help you find the best support and resistance levels.
________________________________________________________________________
Available Tools
Currently, there are tools that will assist the trader in automatically determining
the best support and resistance levels. The advantage of using such tools is that
they rid you from the burden on having to manually determine the relevant
swings, the appropriate number of swings, the correct degrees of swings, or
having to plot all Fibonacci price projections manually to determine confluence
areas.
Up until recently, most of these tools were exclusive to the high end (and also
high priced) platforms such as Tradestation and eSignal and only made available
to professional traders. These tools do require a high investment to gain access
to them in the form of highly priced monthly subscription, trading requirements, or
minimum balances. Fortunately, this is no longer the case. A new tool has been
created for use in one of the most popular and main stream trading platforms
used by traders today – the Metatrader platform. The Metatrader platform has
gained much popularity due to its stability, versatility and ease of use; did I
mention it is also free?
This tool is called Price Master Pro.
Price Master Pro was created with the average trader in mind. I believe it should
not be the case were advanced indicators are exclusive only to the elite or the
rich. I believe it is more appropriate to level the playing ground for all
participants.
With that said, Price Master Pro will enable Metatrader platform users (and
potentially other platform users as well) to benefit by automatically identifying
highly probable future price reversal levels based on Fibonacci price projections.
________________________________________________________________________
Price Master Pro uses a proprietary algorithm that scans the market for a
significant time interval to identify all potential swings, and then applies all
Fibonacci studies to determine potential support and resistance levels. Once this
task is completed, the produced levels are then pushed through a second set of
algorithm to determine the levels with highest probability of acting as strong
support or resistance; once this task is completed, these levels are then made
available to the user to plot on the targeted chart. The indicator will further
interpret price action in relation to the price level to determine whether the price
level has been violated, and thus is reversing, or not (i.e. support becoming
resistance and vise verse).
Figure 7 below is the same as Figure 6 with Price Master Pro indicator applied. I
have also highlighted the same areas as before for comparison.
Figure 7. Price Master Pro applied to the EURUSD currency pair on the 1-hour time frame during
July 2010.
________________________________________________________________________
In Figure 7 all support levels have been plotted in blue color, while resistance
levels have been plotted in red. Price Master Pro has identified all probable
reversal areas and marked them with a red or blue line. Comparing Figure 7 with
Figure 6 you will notice that all confluence areas identified in Figure 6 have been
correctly identified in Figure 7 in addition to other potential reversal levels not
identified earlier using the manual method.
Price Master Pro enables the user to identify far more probable support and
resistance levels unknow before to the standard Fibonacci tool users. This alone
adds a tremendous and immediate edge to the trader.
Also, an additional side benefit is that Price Master Pro allows the user to
predetermine risk exposure before triggering a trade. This is applied by
assessing potential setup as cmpared to its relation to nearby significant support
and resistance lines thus allowing superior profit taking targets and stop-losses.
It is evident that in the hands of a skillful trader, this information could proof very
useful in anticipating market movement in advance and capitalizing on market
reversals, hesiations, or break-outs.
________________________________________________________________________
Conclusion
My aim in this eBook is to provide a cohesive and succinct presentation of

Fibonacci price projections that will enable you to implement it in your daily
trading activity right away. Furthermore, my aim is to point to the power of
Fibonacci price projections when calculated and applied correctly. In addition, I
want to stress the point that Fibonacci price projection tools are no longer
exclusive to the professional traders and it is available to the average speculative
trader as well.
By using Fibonacci price projections you gain a huge advantage against your
competition.
To your success,
Pip
P.S. I have made every effort to ensure accuracy of the information presented in this eBook. Should you
find any errors please feel free to contact me to let me know at admin@pricemasterpro.com
________________________________________________________________________

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Fibonacci Price Projections – Correct Calculation and Application

Fibonacci Price Projections

Additional Copies may be obtained directly from

Rights Explanation: You are welcome to distribute this file,

Your Rights in further details:

[YES] Can be given away

[YES] Can be offered as a bonus with other products

You may give this eBook away FREE as long as the

Required Disclaimer CFTC Rule 4.41

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE

Information will be provided with little “fluff “ to make studying it as efficient as

It is expected or anticipated for the market to react to these lines either by

One of the advantages of Fibonacci price projections is that it can be used on

I will expand on the meaning of Internal and External projections next

Internal Fibonacci Projections

Fibonacci retracement occurs when price retraces a previous trend by a certain

Figure 1. Up trend followed by a retracement to the 38.2% projected level.

1) Identify price level at point 1 = 0.8300

5) Subtract points determined in step 4 from swing point 2 to derive the

a. 23.6% price level = 0.8500-0.00472 = 0.8452

There you have it!

External Fibonacci Projections

External projections include Fibonacci Extensions, Expansions, and Alternates. I

1) Identify price level at point 1 = 0.8300

5) Add points determined in step 4 to swing point 2 to derive the support

Fibonacci Expansion is calculated based on the range of the preceding

1) Identify price level at point 2 = 0.8450

Similar to Fibonacci Extension, price found resistance at level 261.8%. Again,

Fibonacci Alternate is calculated based on the range of the preceding trend.

1) Identify price level at point 1 = 0.8300

3) Identify price level at point 3 = 0.8420

An easy way to remember this projection is to remember that it starts from a

By calculating Fibonacci projections in the fashion outlined above, the trader is

I have highlighted areas of confluence created by 2 or more over-lapping

There are several important things to point out in this figure:

1. Note how price behaved (reversed or hesitated) around confluence areas

Now, as much as it is advantages to use Fibonacci price projections in trading, it

This tool is called Price Master Pro.

My aim in this eBook is to provide a cohesive and succinct presentation of

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