This article has been translated from English to Gen Z Slang.
Let’s peep what we stan about trading Fibonacci, shall we?
The lit Fibonacci retracement levels you gotta watch out for are: 23.6%, 38.2%, 50.0%, 61.8%, and 76.4%.
The levels that 100% slap and hold the most clout are the 38.2%, 50.0%, and 61.8% levels, usually default settings on most forex charting software apps. No cap.
Keep it 100 with the homies: forex traders see those Fibonacci retracement levels as key squad support and resistance points.
And cuz loads of forex peeps are keeping tabs on these levels, the support and resistance zones might end up being a self-fulfilling prophecy.
Like those retracement levels, the main Fibonacci extension levels are: 38.2%, 50.0%, 61.8%, plus the 100%, 138.2%, and 161.8% extensions.
Traders rock the Fibonacci extension levels for potential support and resistance vibes to lock in profit goals.Again, cuz tons of forex fam are eyeballing these levels and setting up buys and sells to secure the bag, these levels often become the trend's plot twist thanks to self-fulfilling goals.
To vibe with Fibonacci levels on your charts, you gotta spot those Swing High and Swing Low points.
A Swing High is a candlestick with at least two lower highs chilling on the left and right of it.A Swing Low is a candlestick with at least two higher lows flanking its sides like a boss.
When using those Fibonacci tools, your trading game could level up when you also check out other support and resistance levels, trend lines, and candlestick patterns for picking entry and stop loss spots like a champ.
Also vibe with the book, The Complete Guide To Comprehensive Fibonacci Analysis on FOREX if you wanna major in Fibonacci stanning even more.
