Learn to Trade Fibonacci Retracements

The Fibonacci Retracement is a game changing tool when used properly to project break out price action. In this episode of our Technical analysis Series Jake from TrendSpider gives us an overview on how to use the tool, some popular strategies, and best use cases to consider when using the fib tool to conduct your analysis!
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Fibonacci Retracements Tool
In finance, Fibonacci retracement is a method of technical analysis for determining support and resistance levels. They are named after their use of the Fibonacci sequence.

[@damanjeetsinghharika2986]

Looks like main takeaway is that “X.618” is more important than other extension levels. Thanks jake

[@vuemeca]

How do you know where to begin measuring?

[@ethanp7717]

why are the Fib levels for the SPCE example at 3.618 and 9.618 unlike other examples where we have 1.618 and 2.618?

[@TrendSpider]

It is just a function of the extension of the individual stock. -Jake

[@ethanp7717]

TrendSpider yes, thank you! Realized it later. Btw, how do you normally draw fib levels in TrendSpider platform? The predefined fib drawing function only has limited levels.

[@TrendSpider]

The pre-defined fibs can be changed. Just double click on the fibs and go to properties and you can add any fib extensions you would like :) -Jake

[@happydays5113]

Why refer to them as extensions, these are Fib expansions, extensions require 3 anchors.