Importance of Fibonacci Retracement & Median lines in Intraday, Swing & Positional Trading
Fibonacci Retracement and Median lines play an important role as an area of value in the chart.
Doing homework to identify possible channel of stock movement and also to identify support & resistance formed by Fibonacci retracement indicator is very much necessary.
Home work to before you trade or invest.
Does your invested stock or Trading shortlisted stock been marked with Swing High, Swing low?
By Drawing Median lines (Pitchfork), Swing High and Swing Low can help you understand a channel through with a stock can move in the future.
Swing high and Swing low can also help you draw Fibonacci Retracement level by which you can identify Support and Resistance.
By doing this you can know which stocks are good to trade during an uptrend and good stocks to short during the day.
On Wednesday, we made good profits in PVR and Petronet LNG because of our Homework.
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