TeslaLong
TSLA - Daily with Fib Retracement
TSLA - Daily with Fib Retracement
This is one of the top 3 chart resources I always tell a new trader to learn. Again, you have to remember, the fib retracement can be used to predict potential support and resistance. It is not some magical indicator.
"Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used."
"Fibonacci retracements can be used to place entry orders, determine stop-loss levels, or set price targets. For example, a trader may see a stock moving higher. After a move up, it retraces to the 61.8% level. Then, it starts to go up again. Since the bounce occurred at a Fibonacci level during an uptrend, the trader decides to buy. The trader might set a stop loss at the 61.8% level, as a return below that level could indicate that the rally has failed. "
Last two quotes from Investopedia article on Fibonacci Retracement Levels.
This is one of the top 3 chart resources I always tell a new trader to learn. Again, you have to remember, the fib retracement can be used to predict potential support and resistance. It is not some magical indicator.
"Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used."
"Fibonacci retracements can be used to place entry orders, determine stop-loss levels, or set price targets. For example, a trader may see a stock moving higher. After a move up, it retraces to the 61.8% level. Then, it starts to go up again. Since the bounce occurred at a Fibonacci level during an uptrend, the trader decides to buy. The trader might set a stop loss at the 61.8% level, as a return below that level could indicate that the rally has failed. "
Last two quotes from Investopedia article on Fibonacci Retracement Levels.
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