How to use Fibonacci Retracement tool correctly

written by sl trading academy · NOV 17 2023

📚️ Today chart analysis lesson : How to use Fibonacci Retracement tool correctly

today we discuss how to fibonacci retracement tool on a uptrend.

first identify lowest point and highest point on a uptrend

then take fibonacci tool and draw from the lowest point to highest point

then you will find key levels on 0.382 level, between 0.618/0.65 level and 0.786 level.
on a large time frame likely daily or weekly, price can have a bounce from 0.382 level.
But our main target should be for golden pocket which is between 0.618 and 0.65 levels, specially on small time frames.
so if you want to buy this coin it is a good practice to wait for a pull back to above levels.

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