You can see, market tests the 23.6 level and 0.382 levels, but found its resistance at the 0.50 level. If you had placed your order at 0.38 or 0.50 level, you would've made some money. Most of the traders in the market always wait for the prices to retraces back to any of these areas, to place their trade. So depending on the strength of the trend, the price will reach any of these Fibonacci levels.Installing 'Fibo For Yesterday And Next Week' in MT4 (step – by – step process)
'Fibo For Yesterday and Last Week' Forex indicator provides significant support/resistance levels to detect the price reversals in the market. By default, this indicator is not available in the MT4 terminal, but you can download it from the internet. Here's how.
Click on this link https://www.mql5.com/en/code/13256
and download the indicator.
Copy the 'Fibo For Yesterday and Last Week' indicator to your MT4 directory/MQL4