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Now, let’s take a look at an example of using Fibonacci extension levels in a downtrend.In a downtrend, the general idea is to take profits on a short trade at a Fibonacci extension level since the market often finds support at these level

Here, we saw a doji form just under the 61.8% Fib level. Price then reversed as sellers jumped back in, and brought price all the way back down to the Swing Low.Let’s put up that Fib Extension tool to see where would have been som

Here’s what happened after price reversed from the Fibonacci retracement level:Price found support at the 38.2% level

The 50.0% level held as initial support, then became an area of interestThe 61.8% level also became an area of interest, before price shot down to test the previous Swing Low

if you look ahead, you’ll find out that the 100% extension level also acted as supportWe could have taken off profits at the 38.2%, 50.0%, or 61.8% levels. All these levels acted as support

, possibly because other traders were keeping an eye out for these levels for profit taking as well.The examples illustrate that price finds at least some temporary support or resistance at the Fibonacci extension levels .

– not always, but often enough to correctly adjust your position to take profits and manage your risk.Of course, there are some problems to deal with here.

First, there is no way to know which exact Fibonacci extension level will provide resistance. Any of these levels may or may not act as support or resistance.

Another problem is determining which Swing Low to start from in creating the Fibonacci extension levels. in the trade

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One way is from the last Swing Low as we did in the examples; another is from the lowest Swing Low of the past 30 bars. Again,

the point is that there is no one right way to do it, but with a lot of practice, you’ll make better decisions of picking Swing points.

You will have to use your discretion in using the Fibonacci extension tool. You will have to judge how much longer the trend will continue. Later on, we will teach you methods to help you determine the strength of a trend.