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Forex Fibonacci Indicator Tutorial

In this post, I am going to share with you more about how to use the forex fibonacci indicator in your trading. How The Fibonacci Indicator Looks Like The fibonacci indicator consists of several retracement and extension level which is commonly used as support and resistance. However not all retracement and extension levels are equally […]

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    In this post, I am going to share with you more about how to use the forex fibonacci indicator in your trading.

    How The Fibonacci Indicator Looks Like

    The fibonacci indicator consists of several retracement and extension level which is commonly used as support and resistance.

    However not all retracement and extension levels are equally important. From my own experience, I only use the 0.382, 0.500 and 0.618 retracement level for support and resistance. As for extension, I only use the 1.272 and 1.618.

    So How To Use The Retracement and Extension Levels

    The retracement levels are usually used for entry of trade while the extension levels are usually used for exiting of trade.

    When I see that the price hits the 0.618 Fibonacci level and then repelled by it, I will enter a trade immediately and then set my target profit at the 1.618 extension level.

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    When I see that the price hits the 0.500 and 0.382 Fibonacci level and then get repelled by it, I will enter a trade immediately and then set my target profit at the 1.272 extension level.

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    Can you imagine the power of just 1 fibonacci level being able to repelled the price. If you are able to locate the point where there are multiple fibonacci overlapping each other, it will definitely increase your chance of winning.

    Multiple fibonacci is one module inside my forex mastery course, if you are interested to learn how I identify this particular level, you can take a look at my forex mastery course below.

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