Most of us are familiar with technical analysis indicators such as stochastic, MACD, RSI and moving average.
But do you know that these indicators are lagging in nature?
As they are derived from historical data, these lagging indicators sometimes give a trade signal only after the price had made a significant move.
The Fibonacci Retracement Tool is sometimes called leading technical analysis indicator because of its predictive nature, which gives advance notice on potential reversal levels and hence help in the timing of entries and exit.
We had a technical analysis workshop on teach people how to use the Fibonacci Retracement Tool yesterday, conducted by a veteran community member and TA expert, Ong Bee Heng.
With more than 10 years of trading experience as a profession, he is a strong believer and practitioner of technical analysis. His passion for equity trading led him to combine the western technical analysis methods with the Japanese candlestick charting technique to make his trading decisions. Bee Heng is a trading representative (remisier) with UOB Kay Hian Pte Ltd. He graduated from Nanyang Technological University with a Bachelor in Engineering (Honours) and started his career as a research and development engineer with a renowned firm in Singapore. He developed a strong interest in trading while working as an engineer. He left the engineering field and joined the stockbroking industry in 2006. Bee Heng also has a Diploma in Wealth Management which was accredited by the American Academy of Financial Management (AAFM).
Here’s how the full-house workshop went:
We’d like to thank everyone who attended and supported us through this workshop. We also hope all attendees had some great takeaways in which they can use in their own trading!
Bee Heng is also running a subscription service here.
It’s currently going on 20% OFF sale!
To use the Fibonacci Retracement Tools for free on our platform, check out this link.
For more information on how to use our platform as well as the charting tool tutorial (see #6), use this link.
Download our free top-rated app and you’d instantly be included in our mailing list for the latest happenings and workshops. It’s free and easy to do so!
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