The correct way to use the Fibonacci retracement tool
Автор: ForexSignals TV
Загружено: 2023-09-08
Просмотров: 260308
Описание:
The Fibonacci retracement tool is an excellent addition to any traders technical analysis - however most traders simply use the levels as places to park their orders.
Fibonacci is a powerful predictor of trend strength and most traders forget to connect the trend they are currently working with together with the information that the fibonacci tool is trying to tell them. The key is to understand that if the market has momentum the lower fib levels will act as stronger rejection of a pullback.
If the pullback in price action touches the 61.8% fibonacci retracement level then that is a very strong warning side that the trend has failed. This means traders should now be looking for overall reversals of the primary trend rather than extensions of the move they drew the fibonacci retracement tool across.
There are many ways to use the tool, but this a mis-understood but powerful understanding of the information the fibonacci levels are telling the trader.
Check out our article on Fibonacci here:
https://howtotrade.com/blog/how-to-us...
#forex #fibonacci #trading
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