moonchild
VIP Contributor
A fibonacci Retracement is a major indicator used to major how deep a move is, for example if you draw out a fibonnaci tool and you measure from the beginning of a move to the end of the move, the market will retrace and depending on how deep it draws back, it might come back to 25%, 50% or 65.8%, these are different fibonacci zones that price often finds resistance.
The best resistance zone is the 65.8% because when price gets there you can expecelt it to move at lease to 0% that's where the move begins, from there you can take your profit or protect what you have made and let it run.
As a trader what are the other ways you utilize the Fibonacci Retracement?
The best resistance zone is the 65.8% because when price gets there you can expecelt it to move at lease to 0% that's where the move begins, from there you can take your profit or protect what you have made and let it run.
As a trader what are the other ways you utilize the Fibonacci Retracement?
