Fibonacci retracement is one of the most powerful technical indicators offered by the Pocket Option trading platform. Using this trading tool you can easily draw high-quality support and resistance levels. In this article, I will cover everything about Fibonacci retracement and how you can use this trading tool to find buy and sell opportunities.
Step 1> First, You need the access of the Pocket Option chart. In case you don’t have one click here.
Step 2> Select your desired asset and the time frame according to your trading strategy.
Step 3> Next, click on the tools button at the top of the page and select Fibonacci Retracement from the list
Fibonacci Retracement is a very powerful and easy-to-use indicator. you can easily use this indicator to find high-quality trends and reversals by drawing the support and resistance levels. you can use the indicator in multiple ways however the most popular ones are
1> Solo: You can use this indicator solely on the Pocket Option chart. Once you click the indicator name, you need to spread out the indicator using the arrow button and place the indicator line above the two candles at the same distance for the resistance level and similarly place the indicator line below the two candles at the same distance for the support level.
When you see the candle near the support level it signals an upcoming bullish trend and you can use this opportunity to place a buy trade similarly, when you see the candle near the resistance level it signals an upcoming bearish trend and you can use this opportunity to place a sell trade.
2> Combine with other trend indicators: You can use a solo Fibonacci Retracement on the Pocket Option chart. However, If you want better results with the indicator you should try combining it with other trend indicators like the Demarker indicator. When you see a bullish trend with Fibonacci retracement plus the Demarker line is below 30 you can use the opportunity to place a buy trade Similarly, When you see a bearish trend with Fibonacci Retracement plus the Demarker line is below 30 you can use the opportunity to place a buy trade
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