i want to learn forex trading.

support or resistance at Fibonacci retracement levels. Because of all the people who use the Fibonacci tool,

hose levels become self-fulfilling support and resistance levels.One thing you should take note of is that price won’t always bounce from these levels.

They should be looked at as areas of interest, or as Cyclopip likes to call them, “KILL ZONES!” We’ll teach you more about that later on.

For now, there’s something you should always remember about using the Fibonacci tool and it’s that they are not always simple to use!

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If they were that simple, traders would always place their orders at Fibonacci retracement levels and the markets would trend forever.

In the next lesson, we’ll show you what can happen when Fibona

Back in Grade 1, we said that support and resistance levels eventually break. Well, seeing as how Fibonacci levels are used to find support and resistance levels,

this also applies to Fibonacci!Fibonacci retracements do NOT always work! They are not foolproof. Let’s go through an example when the Fibonacci retracement tool fails.

Below is a 4-hour chart of GBP/USD.Here, you see that the pair has been in downtrend, so you decided to take out your Fibonacci retracement tool to help

you spot a good entry point. You use the Swing High at 1.5383, with a swing low at 1.4799.You see that the pair has been stalling at the 50.0% level for the past couple of candles.

You say to yourself, “Oh man, that 50.0% Fib level! It’s holding baby! Time to short this sucka!”You short at market and start day dreaming that passenger seat…

you’ll be driving down Rodeo Drive in your new Maserati with Scarlett Johansson (or if you’re a lady trader, Ryan Gosling) in the

It turns out that that Swing Low was the bottom of the downtrend and market began to rally above the Swing High point.

What’s the lesson here?While Fibonacci retracement levels give you a higher probability of success, like other technical tools, they don’t always work.

You don’t know if price will reverse to the 38.2% level before resuming the trend.Sometimes it may hit 50.0% or the 61.8% levels before turning around. Heck,