Lesson 7 of 8
· Fibonacci speed fan is used for determining if the slope of the move is overextended or not.
· Can be used for determining time and angle of a retracement.
· Fibonacci Fan in confluence with Fibonacci Time and Fibonacci Retracement is really powerful
· Fibonacci Fan tool requires 2 pivots like Fibonacci Retracement tool, on the low of the move and on the high of the move (in case of an upward move)
· The main use of Fibonacci Fan is to find support and resistance levels on the macro time frame (4h+)