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Support and Resistance


Raven

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According to my understanding, you don't know which way the market is heading. The Fib level (if you learned them) gives you another level of confidence where the market MIGHT bounce thus min your loss if the market goes the opposite of your trade.

 

I'm still a student in training. :)

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Use fib. confluence, to test the price reaction in this levels in conjuction for example, with MACDBB, if the retracement is weak believe the price breack this levels. However think this is a excelent sup./resist. indicator.

 

Although I don't use the MACDBB, good pointer there. Thx bro.

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