Fibonacci Retracements

Fibonacci levels work consistently on forex markets because they are watched closely by forex traders. The man levels to watch are:

The market will typically retrace after a strong move before continuing .The market won't always hit these levels exactly. Use the Fibonacci drawing tool on the charts and measure from point 1 to point 2.

The market will typically retrace after a strong move before continuing .The market won't always hit these levels exactly. Use the Fibonacci drawing tool on the charts and measure from point 1 to point 2.

Candlestick patterns are most reliable near fibonacci lines and other support and resistance lines. Candlesticks are also good for sgnating the end of a retracement.

Double tops and double bottoms often appear at Fibonacci levels eg. 61.8% retracement or the 1.382% extension.

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