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Fibonacci Retracement in Down Trends |
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Fibonacci Retracement - Fibonacci Retracements are displayed
by selecting two extreme points on a forex chart, for example,
a trough and opposing peak. A series of seven horizontal lines
are drawn intersecting the trend line at the Fibonacci levels
of 23.6%, 38.2%, 50%, 61.8%, 78.6%, 138.2%, 161.8%.
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After a currency moves significantly in price in this case
down, it will often retrace a portion (if not all) of the
original move. As prices retrace, support and resistance levels
often occur at or near the Fibonacci Retracement levels.
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