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Fibonacci Extensions

Discussion in 'Fibonacci Trading' started by Jonathan, Oct 20, 2015.

  1. Jonathan

    Jonathan Forum Member

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    This trading technique is similar Fibonacci retracement. However, instead of projecting retracements within the range of the swing, it projects extensions beyond the swing and is useful for planning price targets.
    [​IMG]
    The black extension lines are possible resistance levels.

    The 23.6% level was a decent conservative target. There was also a minor resistance at the 100% extension level. Some of the extension levels acted as support which demonstrates the flipping of resistance to support.
     

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