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Fibonacci Indicator Alerts You to Fibonacci Trading Opportunities
What is a Fibonacci indicator? Fibonacci may not have been the first person to recognize the number sequence that bears his name, but the Italian mathematician is credited with introducing the concept to other mathematicians and scholars in Europe. (The sequence is found in earlier documents and calculations from India.) In very basic terms, the Fibonacci sequence is a series of numbers beginning with 0 and 1. The following numbers are 1, 2, 3, 5, 8, 13...and so on. Each number is the sum of the two preceding numbers.
In modern stock and Forex trading, the work of Fibonacci is used to find entry and exit points for trading. With the correct use of these numbers and proper analysis, traders can isolate points that would support a move or resist a move.
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This is where the Fibonacci indicator comes in. Using the relationship between numbers that stand next to each other in the sequence analysts can find points on a chart that indicate levels of support or resistance (as stocks correct from an obvious high point).
According to the information provided with various trading systems the Fibonacci levels are significant. Assume a stock moves up or down. Further movement will often follow a path that retraces previous movement. The levels are often determined by dividing a number in the Fibonacci sequence by the next number, giving a result of about 62 percent. Doing this again provides a result of about 38 percent. Based on experience using these two key levels, they become a Fibonacci indicator.
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