Fibonacci Retracement Tool can:
1) Give you Support lines or areas
2) Give you Resistance lines or areas
3) Where to enter a trade
4) Where to place your stop loss
5) Where to place your target profit (use the Fibonacci extension tool for profit targets)- where price action MIGHT go too.
Your trading will be easier if you use the Fibonacci Retracement tool (and Extension tool)- by making your trading strategy mechanical. Trading without emotions and with risk management will put you into the 10% of successful traders, this is where you want to be.
Buy low into an upwards trend and Sell low into a downtrend will great increase your profits and reduce your stress- Fibonacci Tool is the one for this.
1) Give you Support lines or areas
2) Give you Resistance lines or areas
3) Where to enter a trade
4) Where to place your stop loss
5) Where to place your target profit (use the Fibonacci extension tool for profit targets)- where price action MIGHT go too.
Your trading will be easier if you use the Fibonacci Retracement tool (and Extension tool)- by making your trading strategy mechanical. Trading without emotions and with risk management will put you into the 10% of successful traders, this is where you want to be.
Buy low into an upwards trend and Sell low into a downtrend will great increase your profits and reduce your stress- Fibonacci Tool is the one for this.
