Mr. Fibonacci was a genius
If you were stuck on a desert island and could only bring with you one forex indicator, which one would you bring? There are hundreds of indicators out there. But I think that Fibonacci retracement and extensions would be the one that I would pick. All indicators are LAGGING, meaning, they use past data to point in a certain direction. But Fibonacci retracement and extensions are FORECASTING, because Fibonacci ratios have been proven to often predict the next price movement.  I use the extensions to measure a daily top and bottom but I also use it to measure even a 15minute candle for a short term potential breakout for an intraday trade to find a profit target. I recommend checking out www.babypips.com or www.fxstreet.com to learn more about why Fibonacci tools work and how to use them.Â