Fibonacci Retracement Secrets: Boost Your Trading Success
Fibonacci retracement levels are prices, depicted as horizontal lines on a chart, that indicate where support or resistance could likely to occur.
Each price level is associated with a percentage amount that measures how much of a retracement has occurred from a prior peak in the price action. The retracement amounts are based on numbers identified in a Fibonacci sequence. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used.
The indicator is useful because it can be drawn between any two significant price points, such as a high and a low. The indicator will then create the levels between those two points.
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