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Atricle Dump - Currency Trading Strategy - How To Use The Fib 127 For Consistent Profits
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The Importance Of Fib 127
It is the 1.27 level we are interested in.
Why?
Because price regularly gets to the 1.27 level, or at least within a few pips of it. Price also gets to the 1.62 level
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Many newer traders set too ambitious profit targets expecting the trade to be "the big one" and hoping it will help offset the losses they have accumulated.
However, a far more effective currency trading strategy is to set a reasonable profit target each time, not expecting the home run, and being satisfied with smaller profits which on a consistent basis will build the equity in the account surprisingly quickly once the compounding action kicks in.
Here is where the Fibonacci tool comes in.
This article assumes a trader knows how to use the Fibonacci tool which comes as a standard technical analysis tool on most charting software packages.
While the key retracement levels are 38, 50, 62 and 70 percent, two extension levels are commonly used - 1.27 and 1.62 percent.
The Importance Of Fib 127
It is the 1.27 level we are interested in.
Why?
Because price regularly gets to the 1.27 level, or at least within a few pips of it. Price also gets to the 1.62 level
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However, a far more effective currency trading strategy is to set a reasonable profit target each time, not expecting the home run, and being satisfied with smaller profits which on a consistent basis will build the equity in the account surprisingly quickly once the compounding action kicks in.
Here is where the Fibonacci tool comes in.
This article assumes a trader knows how to use the Fibonacci tool which comes as a standard technical analysis tool on most charting software packages.
While the key retracement levels are 38, 50, 62 and 70 percent, two extension levels are commonly used - 1.27 and 1.62 percent.
The Importance Of Fib 127
It is the 1.27 level we are interested in.
Why?
Because price regularly gets to the 1.27 level, or at least within a few pips of it. Price also gets to the 1.62 level
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Here is where the Fibonacci tool comes in.
This article assumes a trader knows how to use the Fibonacci tool which comes as a standard technical analysis tool on most charting software packages.
While the key retracement levels are 38, 50, 62 and 70 percent, two extension levels are commonly used - 1.27 and 1.62 percent.
The Importance Of Fib 127
It is the 1.27 level we are interested in.
Why?
Because price regularly gets to the 1.27 level, or at least within a few pips of it. Price also gets to the 1.62 level
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While the key retracement levels are 38, 50, 62 and 70 percent, two extension levels are commonly used - 1.27 and 1.62 percent.
The Importance Of Fib 127
It is the 1.27 level we are interested in.
Why?
Because price regularly gets to the 1.27 level, or at least within a few pips of it. Price also gets to the 1.62 level
Being a 23 year old entrepreneur, I am slightly biased when I make the statement that the best time in life to start a business is before your 25th birthday. That said, I still think I make a great case for starting a business sooner than later (please note, I understand that the statements I make don't apply to EVERYONE, however I feel they apply to the overwhelming majority of people).By starting a business when you are young, you avoid procrastinatingEver hear someone say "
The Importance Of Fib 127
It is the 1.27 level we are interested in.
Why?
Because price regularly gets to the 1.27 level, or at least within a few pips of it. Price also gets to the 1.62 level fairly often but not nearly as often as the 1.27 level.
So if you are trading with the trend, always a safe currency trading strategy, and price has pulled back to the 50 or 62 retracement levels, there is a very reasonable chance price will reach the 1.27 target.
If price pulls back to the 79 retracement level it may not go so far. If you trade from that retracement, you will want to take the first profit at the end of the swing as price may not extend beyond that point to the 1.27 or 1.62 level.
Some traders just focus on this currency trading strategy when going with the trend:
- In at the Fib 50 retracement
- Out at the Fib 127 extension
Why is this such a sound currency trading strategy?
Because the Fib 38 retracement level does not offer such a good risk reward ratio many times. There is always the risk price will pull back further and take out your stop.
On the other hand, price freque
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