Fibonacci Retracement


Fibonacci retracement is a tool used to determine horizontal support and resistance levels within the lifecycle of a trend direction. It shows the 38%, 50% and 62% retracement levels. Generally trading the 50% and 62% is safer than the 38%, however, in sone cases, it never reaches the 50% level. Using the Stochastics tool, one can better determine the change in trend.


fibonacci

Taking the example above, one can see the stretch of a trend and the retracement at the 50% level. It touches the support level twice, but never manages to cross it.



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