Fibonacci profit target to exit your trend trades at and consider counter trend IF there are other factors such as other support/resistance there and how far overextended the trend is
Fibonacci Forex Trading
The 1.618 is a Fibonacci profit target to exit your trend trades at and consider counter trend IF there are other factors such as other support/resistance there and how far overextended the trend is. In doing a counter trend trade at that level I typically will look for at LEASE a 38% Fibonacci pullback to look to exit at. That should be an area to LOOK for an exit. The actual exit is often a much bigger profit than this as you need to use trailing stops.
For instance, we now have a way to scan to see which currencies to buy and which to sell. Our FX Multimap trend allows you to sort and watch the STRONGEST trending and auto link them to charts even. |
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