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SETTING PROFIC TARGETS (USING THE FIB TOOL)
The Fibonacci tool is a very commonly used tool among traders, but one of the greatest functions of the Fibonacci tool is often neglected. Whereas most traders use the Fibonacci retracements to determine entries – which can be tricky because it is always unclear which Fibonacci level price will adhere to – the Fibonacci extensions are much less subjective. With the help of the Fibonacci extensions, identifying potential profit targets becomes very simple and it takes out a lot of guesswork.
When an asset is breaking higher out of an identified techincal pattern it is important to look into when you should take profits. With the fib levels being self fulfiling there is a lot of emphasis on where traders will be taking profits. If many traders are using fibs to calculate profit targets then it would make sense that many traders are targteing the same levels. This is why the 0.618 level often becomes a profit taking target.
IMPORTANT: Using fib levels to identify profit targets is an easy process however it doensn't mean that you should take profits at that level. In order to get your order filled you should set your sell order before the fib level. Remember all traders will be doing the same. We explain this in the video below in relation to setting up a trade.
Also remember that the profit targets set using the fib tool can also relate to supporta nd resistance levels.
Golden Targets are targets that most traders p[ay attention to and where they are likely to take profits or enter a trade. For us the golden taregts are the 0.618 and the 0.272
SETTING PROFIT TARGETS VIDEO TUTORIAL
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BPOI aim to deliver the best and most accurate trading information. However, with the proven volatility of the cryptocurrency market BPOI cannot fully guarantee that you will earn any profits using the provided content on the website. All the content shown on this website is derived from information we see and receive however it is down to each individual member to also carry out their own technical analysis and conclusions before entering a trade. The winning/earning potential and winning results are entirely dependent on the trader/user and the service provider that the client chooses to work with. There is no guarantee that you can replicate the success shown on this website. BPOI does not provide any financial advice and will not provide financial advice whilst trading.