Wednesday 16 June 2010

Power Of Fibonacci Levels

I have used Fibonacci levels before, although I have to admit not really digging to deep and sticking with the standard retracement / extension levels.

On the quest for knowledge, which includes going back to the old days of trying every new system under the sun I uncovered some hidden or should I say more uncommon Fib levels.

Like 119 Support, 80.9 Resistance, Buy + Sell zones, 134 Bull Targets + -34 Bear Targets.

Today I spotted a trade on the GBPUSD 15 min chart that I entered and exited within 5 minutes due to 'fear and greed' however coming back to chart later on that evening I was astonished to see my projected target almost hit (5 pips shy). Nice 3:1 risk Reward. Fibonacci is definitely something I will be keeping in my trading toolbox.

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