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Understanding the concept of Fibonacci retracement
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[QUOTE="marym, post: 302305, member: 97350"] Correct, Fibonacci retracement is a popular technical analysis tool used in financial markets. Traders use it to identify potential levels of support and resistance for an asset's price movement. The key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%, and 100% are used to determine these levels. Traders also use these levels to determine potential entry and exit points for trades. It is important to note that Fibonacci retracement is just one tool among many used in technical analysis, and it should be used in conjunction with other indicators and risk management techniques. No tool can guarantee profitable trades, and traders must be aware of the risks involved in trading. [/QUOTE]
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Understanding the concept of Fibonacci retracement
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