Notes
- In this lesson, Michael shows how to use the Fibonacci tool to identify the area that will become our weekly target.
- The Fibonacci tool is applied to multiple price swings to plot extensions.
- The extensions that overlap the most form our weekly target.
- For levels to be considered overlapping, they should be at most 10 to 15 pips apart.
- Michael recommends applying the Fibonacci retracement tool from the lowest body open or close to the highest body open or closed. This approach is more reliable as the highs and lows of the candles may vary from broker to broker.
- Michael likes to exit before reaching his weekly target.
- Previous price action should also be taken into account when setting a weekly target.
Target Selection & Profit Objectives - Projected Weekly Target 1
Target Selection & Profit Objectives - Projected Weekly Target 2
Target Selection & Profit Objectives - Projected Weekly Target 3
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Target Selection & Profit Objectives - Projected Weekly Target 5
Target Selection & Profit Objectives - Projected Weekly Target 6
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