Are there any good books to recommend me on strategies using the Fibonacci lines in the Forex Market?

Hi Rosie,

There is an article here http://www.forextechnicalchartist.co...tracement.html which gives a good introduction to retracement trading. This may be of some help.

I use Fibonacci quite a bit in my own trading to give an indication of likely areas of support and resistance, although I tend to use it only to confirm my strategy which is based upon other indicators.

Best Regards,

Forextc

Fibonacci level showed its power once again. Among all Fibonacci levels, 61.80% and 161.80% levels have the strongest effects on the markets. Or I’d better to say that markets react to these two levels more than the others. Since the beginning of the current trading week EUR-USD tried so hard to break below the support line on the daily chart. Today, it tested the uptrend support line on the daily chart strongly, but then went up and closed above it. It is still a little early to say that it will go up without any more attention to the support line. It may try again to break below the support line, but obviously the the 61.80% level is working as a strong support line and will not let the price go down so easily.
trading advice..

In a typical foreign exchange transaction a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market started forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.


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