Fibo Retracement is an important tool for analyzing the Forex market and many trader use it as an indicator for finding the proper entry and exit point with stop loss of their trading. But many may don’t know which fibo level may be vital in different time frame. So this article will be very helpful for you to find a good level for your fibonacci trading in different time frame and different market sentiment.
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Generally the important Fibonacci levels are 23.6%, 38.2%, 50%, 61.80%
# Fibonacci level 38.5% and 61.8% works good at 1Hour, 4Hours time frame .
# Fibonacci level 23.6% and 38.2% are most important at daily time frame
# Fibonacci level 38% and 50 % works good at weekly time frame .
# Fibonacci Level level 38% and 50 % works good for Gold and Silver Trading with 4hours, daily and weekly time frame.
#In a strong Trend you may chose fibo level 61% for proper analyzing.
But you always consider your risk reword ratio and hence you should use take profit and stop loss point and it will be base your trading style short time trading or long time trading. If you enter the market at 38% fibo level then you may take profit at 61.8% with stop loss at the below 23.6% but it will depend on your trading plan.