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<p id="isPasted">Fibonacci retracement works better on higher timeframes like daily, weekly and monthly.</p><p>On shorter timeframes, it alone cannot be proven a good indicator. For shorter timeframes, you can add other indicators to increase your winning rate.</p><p>Also, any indicator or strategy cannot give you good profits. What makes a successful trader successful is strategy + money management + risk management. If you have knowledge of money management and risk management then Fibonacci is a good tool for trading on higher timeframes.</p>
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