to draw Fibonacci retracements you need to click on the Fibonacci retracement icon in the toolbar in the top left of the screen. in the case of a down move, double click from the swing high and drag to the swing low . From there you will see the grid of 23.6%, 38.2% . 50% and 61.8% levels on the chart. these represent levels where price mind resistance, in other words where price might bounce and reverse lower. in the case of an up move, double click on the swing low and drag to the swing high,. From there you will see the grid of 23.6%, 38.2%, 50% 61.8% levels on the chart . These represent levels where price might find support in other words where price bounce and reverse higher. Forex Fibonacci retracement are depicted by using the high and low points on a chart and marking the key Fibonacci ratios of 23.6 percent, 38.5%, 61.8% . Horizontally in a grid. Horizontal line represent potential rivers levels. Fibonacci retracement can determine where to place order for market entry, for taking profit and stop loss orders. They can Also pinpoint key levels of support and resistance . Usually retracement are calculated after the market has moved significantly either up or down, and seems to have flattened out at the a particular price level. The most popular treatment levels are 61.8 % and 38.2 %. These are used by drawing horizontal line across a chart at those price levels to define zone of market retracement , before resuming the general trend formed by the initial large price movement. those can be very exponential when a market have reached a major price or resistance level. The 50% retracement level is normally included in the grind of Fibonacci levels. It is not based on a number but it is widely recognised as an important inflection point. Forex Fibonacci retracement often form important sport and resistance levels and can be very accurate. Experiment with Fibonacci retracement. level across different Markets and time frames to find what works best for your Forex trading strategy. We have also prepared an article which covers more strategies you can use with Fibonacci retracement. You will know how to combine Fibonacci retracements with indicators right time to enter the market and how to define a trend across multiple time frame please follow the link to accept it.
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