Fibonacci Retracement Levels course – By Jobaaj Learnings
Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur on the charts.
It 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.