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To utilize the Fibonacci calculator, simply input a high value and a low value into the designated fields. You also have the option to enter a custom value. Once you've entered these details, select the trend direction (either Uptrend or Downtrend) and click the calculate button. Instantly, you will receive a set of Fibonacci retracement levels. These levels are crucial for traders and can be seamlessly integrated into your forex trading strategy.
How to Use Fibonacci Retracement in an Uptrend?
When dealing with an uptrend, start by identifying the low point and then the high point of the trend. In this scenario, the Fibonacci retracement levels calculated from these points will serve as potential support levels. These levels indicate where the price might pause or bounce back up during a retracement.
How to Use Fibonacci Retracement in a Downtrend?
Conversely, in a downtrend, you should start with the high point and then identify the low point. The retracement levels calculated in this manner will act as potential resistance levels. These are the points where the price might pause or pull back down during a retracement.