Technical Article of the Day

There is a decent article that answers the question, Are Fibonacci
Levels Leading Indicators for Forex.  Before reading this article,
Fibonacci retracement was part of my technical analysis toolset but
this article talks a lot about Fibonacci projection.  Fibonacci
projection is a great way to exit or enter a trade and can be used to
predict overall price movement.  The premise is that since
typically during a price movement a retracement will occur, you wait to
enter the trade until the retrace is complete.  Once the retrace
is complete, you enter the trade and use Fibonacci projection to
“project” the point at which to exit.  You can read more about
Fibonacci projection on the web, but I would check out the following
article as well.  Are Fibonacci Levels Leading Indicators For Forex?

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