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Fibonacci Retracement - is a three percentage line drawing tool that helps determine succeeding areas of support or resistance as a correction to the trend. These are zones in which a price decline may be stopped in an uptrend and a rise in prices may stall in a downtrend. These are drawn at the Fibonacci Levels of 38.2 percent, 50.0 percent, and 61.8 percent. In addition to finding low risk entries in the direction of the trend, Fibonacci Retracements can be used to determine when the major trend has ended. When the market reverses more than 61.8% the trend is most likely over.
Fibonacci Extension Levels - Probably the most accurate profit targets, these lines project the next swing high. If the market can not reach the first Fibonacci Extension Level than the trend is likely to reverse. We project the Fibonacci Levels of 1.382, 1.618, and 2.0 Levels.
Fibonacci Time Extension - Projecting time ahead using Fibonacci Levels of .382, .618, 1.0, 1.382, 1.618, 2.0, 2.382, 2.618, these are very accurate time areas where the markets often make big moves. Markets that trend tend to make big moves in a symmetrical fashion and this tool also gives you higher probability trades if you wait for selling to exhaust itself before you buy.
What Fibonacci Levels Can Clearly Show You
1) Trend and Trend Strength
Example GOOG gapped up on good news. It comes right to the 1.382 Fibonacci Extension Level. This is a low risk shorting zone and also a great place to get out if you were long. Notice GOOG falls and bounces off its .382 Fibonacci Retracement level. It was a low risk buy at 430.53 at this price. Now that there is another swing high and low for today, draw another Fibonacci level from the high to the low which shows the Red Fibonacci areas. GOOG rallys up a tad past the .50 retracement at 441.77. This is a good place to exit the buy you made at 430.53 for a profit of over $11. The bigger the move in the market, the more likely the market will reverse at these Fibonacci Levels.
This is an incredible example of how to use this tool to both Buy and Short and make money on all trades. To Recap
Trade 1) Short the 1.382 Fibonacci Extension Level on first
bar of the day.
5 out of 5 trades worked using our Fibonacci Tools.