Fibonacci Guidance

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It is very important to keep in mind, while watching a micro trend, that the market will move up or down in a series of waves. In the eBook "Forex Surfing" I explain how to work with Fibonacci theory, so please go and reread that section. I can't tell you enough how valuable the Fibonacci concepts are to assist you with your scalping.

During a micro trend you will regularly observe the market moving in waves often roughly retracing to the 50% or 62% levels. This is key to watch for as when you see what appears to be a reversal in the petit trend near the key retracement levels then that is an excellent place to attempt to enter into a trade.

Furthermore, once the market has extended beyond the peak of the wave that retracement low is then the appropriate location to replace your stop to.

I can't stress enough to you the important of being aware of Fibonacci when trading. You find immense value in using this concept when you are scalping.

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