Carolyn Boroden, often referred to as the "Fibonacci Queen," is a technical analyst and trader who has successfully navigated the markets for over 30 years. Here are some trading tips that can be learned from her Fibonacci approach:
Accidentally Becoming a Trader
Carolyn Boroden never aspired to be a trader or analyst in the financial markets. Initially, she worked as a secretary on Wall Street, but her interest in trading emerged while working at the Chicago Mercantile Exchange. Carolyn began to seriously study technical analysis after apprenticing with Robert Miner, a well-known trader. She found her reliable analysis method after the 1987 stock market crash when she began studying Fibonacci ratios.
Preferring to be an Analyst
Although successful as a trader and licensed commodities broker, Carolyn Boroden eventually became more comfortable as an analyst. Currently, she is one of the expert analysts at Simpler Trading and manages the website fibonacciqueen[dot]com. In her work, Carolyn routinely publishes chart analysis and trading setups for intraday strategies.
Fibonacci Techniques Used
Carolyn Boroden uses Fibonacci levels such as 38.2%, 50%, 61.8%, and 78.6% in her analysis. She also relies on levels 161.8% and 261.8% for Fibonacci Extensions, as well as the 100% level for symmetrical projections. Carolyn typically uses special tools to compare price swings and utilizes market timing to measure High to High or High to Low.
Tips and Advice from Carolyn Boroden
According to Carolyn, trading should be based on what is seen on the chart, not on forecasts or other people's opinions. She suggests that novice traders understand the principles of technical analysis before utilizing Fibonacci. Additionally, money management and well-planned trading plans are the keys to success in trading.
By following Carolyn Boroden's tips, traders can gain a better understanding of how to apply Fibonacci in trading and enhance their skills in risk management and planning effective trading strategies.
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