Technical traders often use Fibonacci retracement levels to identify when to open a trade and where to place stops and limits. In this video, we show you how to add Fibonacci retracement levels to FXCM's Trading Station platform.
To apply Fibonacci retracement levels to your chart, select the Fibonacci tool in the top of the charting window, or right-click on the chart. Select Chart Elements and then select Add Fibonacci Retracement. Then, click and drag from the lowest to highest candle in an uptrend, or from the highest to lowest candle in a downtrend. After releasing the mouse, the settings window appears where you can select your desired levels.