I'm supposed to go long on one of the fibo lines (0.38, 0.5, 0.618) and project TP on fibo extension right?
But how do I differentiate between retracement and reversal? How can I be sure that market is gonna go back up and not dive its nose down?
http://www.forexfibonacci.com/fibonacci1.gif
But how do I differentiate between retracement and reversal? How can I be sure that market is gonna go back up and not dive its nose down?
http://www.forexfibonacci.com/fibonacci1.gif