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Fibonacci Extensions

Fibonacci ExtensionsEveryone and his parakeet uses Fibonacci retracements in their trading.

But there’s another Fibonacci tool that is equally valuable, if not more so. It isn’t as widely used by traders … and that can be an advantage for you. Using tools that other don’t can give you an edge.

That “other” tool is Fibonacci EXTENSIONS.

Rather than drawing levels “behind” the market, it draws them in “front” of the market.

In other words, if the market is moving up and making new highs, Fib retraces will draw levels BELOW the current price. Fib extensions will draw levels ABOVE the current price.

It’s a great tool for establishing profit targets.

You need 3 points, and the basic technique is to plot it off a Low, and High and a Higher Low (or for down trends – a High, a Low and a Lower High).

It’s especially significant to draw them at turning points in the market: When the market is putting in it’s first Higher Low or first Lower High.

I ALWAYS draw these levels. They’re that important.

Try it yourself and let the market prove it to you too.

Market Geometry

Reader Interactions

Comments

  1. Jim says

    February 3, 2007 at 2:48 pm

    Dr. Burns,

    Love the blog. Great idea! Any idea how often you’ll be publishing comments?

    Best regards,

    Jim

    Reply
  2. Barry Burns says

    February 3, 2007 at 6:12 pm

    Thanks for the nice words Jim.

    Hope to update the Blog 3-4 times per week. More than that if I have the time.

    Reply
  3. discount at says

    July 11, 2013 at 7:09 pm

    I am actually pleased to read this webpage posts which consists of tons of helpful facts, thanks for providing these kinds
    of statistics.

    Reply

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