Learn Forex:3 Step Fibonacci Rebound Trading | DailyFX: "Three Step Fibonacci Trade Setup
Start the Fibonacci tool at the beginning of the impulse move.
Use the Fibonacci tool to connect the highest point of the move.
Buy after price rebounds from a Fibonacci level.
Additionally, you would place a stop just below the swing low and take profit point at the previous high. Once price moves in your favor, move stop to breakeven at earliest opportunity. Usually, a protective stop can be moved once a new candle has opened up above the entry."
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