How to use Fibonacci in your trading - forex broker rebate program

Every trader wants to trade with a strategy that maximizes their chances of making a profit, so naturally, we tend to think that following the main cashback forex will greatly increase our chances of making a profit, but in addition to trading with the trend, there are several other technical tools you can use to help you find the right entry forexbrokerrebateprogram exit points What autorebateforex the forex broker rebate program sequence? In short, the Fibonacci sequence or ratio is an important series that recurs frequently in both nature and finance. It was discovered in the 13th century by Leonardo of Pisa, who is also known as the most talented mathematician of the Middle Ages. The extended levels of 1.618 and 2.618 also have importance in forex trading, Fibonacci retracement is often used to identify potential support and resistance levels Learn Forex: Using Important Fibonacci Levels to Find Potential Support for EUR/USD The most common golden ratio used in trading is 38.2%, 50%, 61.8%, and sometimes 23.6% as well as 76.4% In a very strong trend, the forexrebatebest will retrace at least 38.2%, while in a weaker trend, the price retracement may reach as much as 61.8% or even 76.4% but if the price completely retraces the previous trend or breaks the 100% Fibonacci retracement, it means that the current trend no longer exists How should I draw a Fibonacci retracement trend line? When drawing a Fibonacci trend line, the most important thing traders need to be aware of is that you need to draw it from left to right. After drawing it, you need to note that: if the current trend is on the upside, but the price is pulling back down, then you can use the Fibonacci levels to find potential support levels (as shown above) Conversely, if the current trend is on the downside, but the price is pulling back up, then you can Learn Forex: Using Important Fibonacci Levels to Find Potential Resistance in GBP/USD It is important to note that in the world of trading, there is no guarantee that the future trend will go exactly in the direction we expect it to go so all we need to do as traders is to keep a close eye on support and resistance levels once the price Once the price breaks away from support in an uptrend or resistance in a downtrend, then you can use the next support or resistance as a price target Two ways to find price targets using Fibonacci Next, this article will explain in detail how to find price targets in a major trend, as well as using Fibonacci retracement/extension or Fibonacci extension to find targets In a downtrend, traders should draw Fibonacci lines from left to right, from top to bottom, so in a major downtrend, you are looking for potential resistance levels that could limit the price rally and return to the downtrend. This is because the weekly charts are generally very different from the 4-hour charts, so if you are trading the 4-hour charts, then you should focus on the trends on the 4-hour charts Using Fibonacci extensions to find price targets The biggest difference between a Fibonacci extension and a Fibonacci retracement is that the Fibonacci extension level will be more than 100% If you are looking for an extension level in a new downtrend, then you only need to plot possible support from low to high; similarly, if you are looking for an extension level in an uptrend, then you need to plot possible resistance from high to low, so the former resistance could be a target for future upside. These levels can often be used as profit targets Using Fibonacci extensions to find price targetsFibonacci extensions and Fibonacci extensions, although sounding similar, represent two completely different trading approachesThe difference between Fibonacci extensions is that they use three key pivot points to find price targetsIf you are looking for potential If you are looking for potential resistance or a buy target, you would draw a trend line from a band low to a band high, and then draw a trend line from that high to the same or another band low, which would result in a key resistance level. In summary, if you draw a Fibonacci level using two pivot points, then you are drawing a Fibonacci retracement or extension; but if you use three pivot points, then you are drawing a Fibonacci extension The most commonly used Fibonacci extension levels include 0.618, 1.000, and 1.618 Learn Forex: Using Fibonacci Extensions to Find Potential In cases where Fibonacci retracement levels have served their purpose and provided support as well as resistance, extensions and extensions can provide traders with very good price targets. However, when using Fibonacci extensions and extensions to set new price targets, traders would be wise to consider scaling down their positions and diligently correcting their stops to keep their risk within reasonable limits