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Fibonacci extensions forex trading

fibonacci extensions forex trading

in the Fibonacci series by the number two places to the right (e.g 89/233.3819). They work because these levels are watched by a large number of traders. For example, the points you choose to measure the Fibonacci level can vary from one trader to another. As for Fibonacci levels, they are typically employed in order to determine and trade off of support and resistance levels. Nevertheless, belajar main saham forex the level 50 is considered to be the most probable for the completion of the medium-term corrections, and levels.2,.8,.6 and 161.8 are usually recommended for an entry in the direction of the main trend.

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Thus, Fibonacci ratios are nothing more than support and resistance levels. In addition, the levels are best exploited as a tool within a broader strategy, that looks for the confluence of a number of FX indicators, in order to pinpoint potential reversal areas, offering you low risk and high potential reward trade entries. Additionally, Fibonacci extensions comprise of levels drawn beyond the ordinary 100 level. If the price after all punches such extremum, then under Fibonacci trading Forex strategy the previous trend must have ended and it is really necessary to close a position. In the above example in figure 3, a long position would have been opened at either.382.618 (deep or shallow retracement) with a Take Profit set at the.618 extension level.