Leonardo Fibonacci is a famous Italian mathematician, founder of a simple series of numbers that refer to ratios valid for natural proportions of things on the planet. If to measure the ratio of any number to one of the next higher number the result will be 0. 618 — are the most 0 618 retracement in forex to watch for.
Fibonacci Extension Levels are used as targets for taking profit: 0. 618 — here are the most useful for traders. Fibonacci retracement and extension levels carry important information for experienced as well as novice Forex traders as they help to identify entry and exit points during the trade. This chapter will introduce traders to basic rules of applying Fibonacci method in Forex.