Candlestick Daily volume index Bar reversal Edit

Backtest results

Position Trades Duration Win rate Win/loss Avg win Avg loss Return
Long 10 4.5 20% 25% 1.6% -0.8% -3.4%
Short 5 4.2 40% 67% 1.9% -3.2% -5.9%

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Trading Performance

Fibonacci Fans

Score

0.1

Position Trades Duration Win Rate Win/Loss Avg Win Avg Loss Return
LONG 14 17.9 0.43% 0.75% 2.2% -1.6% 0.5%
SHORT 14 28.9 0.29% 0.40% 8.8% -3.3% 2.3%

Summary

Technical Analysis

Carsales (CAR.AX)


Indicator:

FIBONACCI FANS


Signal Strength: MEDIUM
Recommendation:

Indicator can be used in isolation or in additional to another technical indicator to confirmation for trading position.


Carsales (ASX:CAR) : The current Fibonacci Fan levels are:
(23.61%) $16.17
: (38.2%) $14.35
: (50%) $14.16
: (61.8%) $13.98

The current support levels are:
(78.6%) $13.71
(100%) $13.37
(138.2%) $12.76
(161.8%) $12.39
(261.8%) $10.8
(423.61%) $8.24



Fibonacci Fan lines are trend lines based on Fibonacci retracement points. Rising fan lines extend up from a trough and pass through retracement based on the advance (trough to peak). These fan lines can then be used to estimate support levels or potential reversal zones. Falling fan lines extend down from a peak and pass through retracements based on the decline (peak to trough). These fan lines can then be used to estimate resistance levels or potential reversal zones. This article will explain the Fibonacci ratios and provide examples using Fibonacci Fans to project support and resistance.

Calculation: Fibonacci Fans:
1) Uptrend Fan line 1: Drawn from extreme low through 23.6% retracement level on “invisible” vertical line;
a) Fan line 2: Drawn from extreme low through 38.2% retracement level on “invisible” vertical line;
b) Fan line 3: Drawn from extreme low through 50% retracement level on “invisible” vertical line Fan line;
c) Drawn from extreme low through 61.8% retracement level on “invisible” line;
2)Downtrend Fan line 1: Drawn from extreme high through 23.6% retracement level on “invisible” vertical line;
a) Fan line 2: Drawn from extreme high through 38.2% retracement level on “invisible” vertical line;
b) Fan line 3: Drawn from extreme high through 50% low retracement level on “invisible” vertical line;
c) Fan line 4: Drawn from extreme high through 61.8% retracement level on “invisible” vertical line;


PROFILE: Carsales (CAR.AX)


Stock Exchange: ASX
Company: Carsales
Ticker Codes: | CAR.AX | ASX:CAR |

About Carsales (ASX:CAR):

carsales.com Ltd engages in online automotive, motorcycle, and marine classifieds business primarily in Australia. The company operates in four segments: Online Advertising Services, Data, Research and Services, International, and Finance and Related Services. The Online Advertising Services segment provides classified advertising that allows dealers and consumers to advertise automotive and nonautomotive goods and services for sale across the carsales network; and includes services, such as subscriptions, lead, and priority placement services across automotive and non-automotive Websites. It also offers display advertising services, including placing advertisements on carsales network Websites for corporate customers, such as automotive manufacturers/importers, finance and insurance companies, etc. In addition, this segment holds investments in tyresales.com.au, an online tyre retailer that allows consumers to transact and purchase tyres; and RedBook Inspect, which provides inspection services published online as part of classified advertisements. The Data, Research and Services segment offers software, analysis, research and reporting, valuation services, and Website development and hosting, as well as photography services to manufacturers/importers, dealers, industry bodies, and finance and insurance companies. The International segment engages in the online automotive classifieds and automotive data services businesses internationally. The Finance and Related Services segment provides finance arrangements for vehicles, boats, and other leisure items; vehicle procurement; and other related services to customers. The company was founded in 1997 and is headquartered in Richmond, Australia.

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Fibonacci Fans

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