Fib. Retracement levels - page 2
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The main principle of identifying strong Fibonacci levels is to identify strong trend. Once a strong trend is present there is a good chance of a Fibonacci Retracement to take place. Be sure to confirm the retracement level with support\resistance or other mechanisms. You shouldn't enter just on a retracement level that was not checked previously.
I have not found a consistent indicator that draws Fibonacci Levels. But it is not that hard.. just find a strong and steep trend and use the Fibonacci Retracement tool. The key here is to find a strong trend.
One can be dowloaded from this thread I think
kreslik.com - Traders Community :: View topic - 2009.07.12 FUN WITH FIBS