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Understanding the concept of Fibonacci retracement
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[QUOTE="kayode10, post: 301351, member: 26899"] Fibonacci candle or retracement is a technical analysis tool used in financial markets to identify potential levels of support and resistance for an asset's price movement. This tool is based on the Fibonacci sequence, a series of numbers where each number is the sum of the two preceding ones, and the ratios derived from it. The Fibonacci retracement levels are derived from dividing the vertical distance between two price points by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%, and 100%. These ratios represent levels where traders believe that a security's price may experience a reversal or continuation of a trend. The 23.6% and 38.2% levels are considered relatively shallow retracements, while the 50% and 61.8% levels are considered deeper retracements. The 100% level represents a complete retracement of the prior price move, which means the price has returned to its original level. Traders use Fibonacci retracement levels to identify potential entry and exit points for a trade. If an asset's price retraces to one of these levels, it may be a signal to buy or sell, depending on the direction of the trend and other technical indicators. Fibonacci retracement levels can be used in combination with other technical analysis tools, such as trend lines, moving averages, and oscillators, to confirm or contradict signals generated by the retracement levels. Fibonacci retracement is a widely used tool among technical analysts and traders, and it can be applied to any financial market, including stocks, bonds, commodities, and currencies. However, like any other technical analysis tool, it is not foolproof, and traders should always use it in conjunction with other forms of analysis and risk management techniques. [/QUOTE]
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Understanding the concept of Fibonacci retracement
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