Resolved Question
Please i really want to learn more about fibonacci and how best it works.
Good day my lovely friends,please can you all help me on fibonacci and how to use it in doing my analysis and trading,like what are the possible area of retracement and at which point/level should i always focus on.thanks so much
about 1 year ago
Best Answer - Chosen by Voters
The Fibonacci retracement tool is best used when the price corrects following a trend. Traders use the Fibonacci levels as support and resistances. In a downtrend, traders will look to enter a short position in any of the Fibonacci retracement levels.
To learn more about the Fibonacci retracement tool, kindly check the links below. Thanks!
about 1 year ago
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Answers (1)
Fibonacci retracement levels could serve as good areas for setting entry orders especially if they line up with support/resistance levels. Traders usually focus on the 38.2%, 50%, and 61.8% level. Either of these levels could serve as possible retracement levels for the pair but you might have a better chance of catching the retracement around those levels that coincide with historical support/resistance, psychological round numbers, or previous highs/lows.
about 1 year ago
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