watch this video carefully you can get clear idea about Fibonacci in forex trading .and you can know how to apply Fibonacci to MT 4 software and how to get trading ideas. i think this is the best explanation video about fibbonnacci forex trading strategies video.
In short, Fibonacci numbers or ratios are mathematically significant numbers that occur throughout nature and often in financial markets. They were discovered by Leonardo de Pisa in the 13th century and he was known as the most talented Mathematician in the middle ages. The most important number or ratio is the 61.8% or .618 levels. There is also a 1.618 Extension along with 2.618. In Forex trading, Fibonacci retracements can identify potential support / resistance levels.