Most of us are familiar with technical analysis indicators such as stochastic, MACD, RSI and moving average.
But do you know that these indicators are lagging in nature?
As they are derived from historical data, these lagging indicators sometimes give a trade signal only after the price had made a significant move.
The Fibonacci Retracement Tool is sometimes called leading technical analysis indicator because of its predictive nature, which gives advance notice on potential reversal levels and hence help in the timing of entries and exit.
We had a technical analysis workshop on teach people how to use the Fibonacci Retracement Tool yesterday, conducted by a veteran community member and TA expert, Ong Bee Heng.
With more than 10 years of trading experience as a profession, he is a strong believer and practitioner of technical analysis. His passion for equity trading led him to combine the western technical analysis