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EVENT DATE : 20 Oct 2007 (Saturday)
The Fibonacci retracements pattern can be useful for traders to identify reversals on a stock chart.
We will look at the Fibonacci sequence and show case studies on how you can identify this pattern on the below pictures.
Stocks will often pull back or retrace a percentage of the previous move before reversing. These Fibonacci retracements often occur at three levels ? 38.2%, 50%, and 61.8%.
Actually, the 50% level really does not have anything to do with Fibonacci, but traders use this level because of the tendency of stocks to reverse after retracing half of the previous move.
By using XPertTrader,you can identify the 3 levels of the fibonacci retracement automatically.
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