Using fibs to find Potential Reversal Zones (PRZ)
Here I demonstrate on a live chart how I use fibonacci extension, fibonacci retracement and key levels to identify potential areas where price may reverse from the current trend. In this example, the overall trend is up, and the current downtrend is in a channel. I have used the points of confluence identified by fib extension and fib retracement located just below the 135.000 price level. I identify this area as a golden zone trade opportunity, and will be looking for long entries at this area.
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