– A tool to find price pullback levels – Based on Fibonacci numbers – Key levels: 23.6%, 38.2%, 50%, 61.8%, 78.6%
What is Fibonacci Retracement?
Why Use It in Forex?
– Shows possible support & resistance – Works on all timeframes Easy to mix with other technical analysis tools for forex
1. Find a strong up or down move 2. Click bottom to top (uptrend) 3. Click top to bottom (downtrend) 4. Watch Fibonacci levels trading
How to Draw Fibonacci
– Use Fibonacci extension for targets – Common levels: 127.2%, 161.8%, 200% – Combine with candles & moving averages
Extensions for Profit