The support and resistance Fibonacci retracement for MetaTrader 4 foreign exchange indicator establishes prime support and resistance levels but also lesser S&R levels and crucial Fibonacci retracement levels. You can utilize support and resistance levels to exchange reversals or breakouts and fib retracement to purchase on decrease in upward trends and auction sessions in downward trends.
In upward trends, forex traders observe to purchase nearby the 38.2% Fibonacci retracement level (purchase on decrease). In downward trends, traders observe to auction nearby the 38.2% Fibonacci retracement level (auction especially on rallies).
For purchase: Observe to move at the support levels in upward trends (purchase on decrease). Purchase breaks on top of the resistance levels. Purchase nearby the 38.2 percent fib level.
For auction: Observe to move short at resistance levels in downward trends (auction especially on rallies). Auction breaks beneath support levels. It is recommended to Auction nearby the 38.2 percent fib level.
- This forex indicator can be utilized in any currency pairs.
- Suitable on any recommended time frames.
- Suitable on any endorsed trading sessions.
- Color is the only configurable options in this foreign exchange indicator.
The EUR/USD 15 Minutes Instance Chart
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