Jack19
Short

Fibonacci levels insider trading

FX:EURUSD   Euro / U.S. Dollar
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By studding more than 100 situations as above, I came to the following interpretations.

1. When the price reaches to the 38.2% Fibonacci retracement level for the first time after the reversal of a trend, a breakout of 38.2% Fibonacci retracement level is rarely found.

2. When the price reaches to 38.2% Fibonacci retracement level and pulled or pushed back to the 100% Fibonacci retracement level of previous low or high, a breakout of 38.2% Fibonacci retracement level rarely happens.

3. When the price reaches to the 38.2% Fibonacci retracement level for the third time, a break out is highly expected.

4. When the 23.6% Fibonacci retracement level represents strong support or resistance level , a breakout of 38.2% Fibonacci retracement level is common.

5. If the price fails to make a lower low or higher high, the brekouts of 38.2% Fibonacci retracement level becomes usual at second attempt.
Comment: 6. The market will only return to the 61.8% fibonacci level in reversals when the traders believe a trend continuation is going to take place.
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