Fibonacci levels insider trading
Updated
By studding more than 100 situations as above, I came to the following interpretations.
1. When the price reaches to the 38.2% Fibonacci retracement level for the first time after the reversal of a trend, a breakout of 38.2% Fibonacci retracement level is rarely found.
2. When the price reaches to 38.2% Fibonacci retracement level and pulled or pushed back to the 100% Fibonacci retracement level of previous low or high, a breakout of 38.2% Fibonacci retracement level rarely happens.
3. When the price reaches to the 38.2% Fibonacci retracement level for the third time, a break out is highly expected.
4. When the 23.6% Fibonacci retracement level represents strong support or resistance level, a breakout of 38.2% Fibonacci retracement level is common.
5. If the price fails to make a lower low or higher high, the brekouts of 38.2% Fibonacci retracement level becomes usual at second attempt.
1. When the price reaches to the 38.2% Fibonacci retracement level for the first time after the reversal of a trend, a breakout of 38.2% Fibonacci retracement level is rarely found.
2. When the price reaches to 38.2% Fibonacci retracement level and pulled or pushed back to the 100% Fibonacci retracement level of previous low or high, a breakout of 38.2% Fibonacci retracement level rarely happens.
3. When the price reaches to the 38.2% Fibonacci retracement level for the third time, a break out is highly expected.
4. When the 23.6% Fibonacci retracement level represents strong support or resistance level, a breakout of 38.2% Fibonacci retracement level is common.
5. If the price fails to make a lower low or higher high, the brekouts of 38.2% Fibonacci retracement level becomes usual at second attempt.
Note
6. The market will only return to the 61.8% fibonacci level in reversals when the traders believe a trend continuation is going to take place.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.