🩸FIBONACCI retracement and GOLDEN RATIO - PART 2
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Drawing Fibonacci retracemnts are fairly simple. The main point we look into is, If the direction of retracment is up or down side.
✅ If the trend is up, choose lower point and a higher point. Connect lower point with higher point using Fibo tool.
✅Take lower point as point from where the trend has started, which means one should not take points where consolidation was going on.
The choice of points is debatable. There is no fixed method. But above mentioned technique works and has a fair probability of success.
✅0.618
✅0.5
In an up trending stock, If stock starts consolidating and reversing from 0.618 of retracement, we term it as bullish sign and trend is going to be continued towards new high.
🎯Time frame can be daily and weekly charts
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More from The Chartians
More from Fibonacci
1.
Start fibo retracement from swing high, not the other way around. Simply 0 point should b where retracement started
2.
The base should b chosen as major swing low. Can't just pick a random point
Start fibo retracement from swing high, not the other way around. Simply 0 point should b where retracement started
2.
The base should b chosen as major swing low. Can't just pick a random point
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