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Traders use the Fibonacci retracement levels as potential support and resistance areas. Since so many traders watch

these same levels and place buy and sell orders on them to enter trades or place stops, the support and resistance levels tend to become a self-fulfilling prophecy.

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Traders use the Fibonacci extension levels as profit taking levels. Again, since so many traders are watching these levels to place buy and sell orders to take profits,

this tool tends to work more often than not due to self-fulfilling expectations.Most charting software includes both Fibonacci retracement levels

and extension level tools. In order to apply Fibonacci levels to your charts, you’ll need to identify Swing High and Swing Low points.

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A Swing High is a candlestick with at least two lower highs on both the left and right of itself. in the forex trade market.

A Swing Low is a candlestick with at least two higher lows on both the left and right of itself. ,,,,,,,,,,,,,,,,,,,,,,,,,

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You got all that? Don’t worry, we’ll explain retracements, extensions, and most importantly, how to grab some pips using the Fibonacci tool in the following lessons.

The first thing you should know about the Fibonacci tool is that it works best when the market is trending.

The idea is to go long (or buy) on a retracement at a Fibonacci support level when the market is trending up, and to go short (or sell) o

n a retracement at a Fibonacci resistance level when the market is trending down.Finding Fibonacci Retracement Levels

In order to find these Fibonacci retracement levels, you have to find the recent significant Swing Highs and Swings Lows.