Part IX. Using Fibonacci for placing orders. Commander in Pips: So, we’ve just studied what retracement and extensions are and how they could be used. Also we’ve passed through sophisticated advanced material that teaches you to pay attention to small details and how to combine multi Fibonacci retracements in your favor. The last lesson that still remains is a placing orders technique using Fibonacci levels –using both retracement as well as extension. Here I also will give you some advanced commentaries, but they will be few, so we don’t need to make separate lesson for those. Pipruit: Thank you, Commander, especially for the shallow advanced commentaries. I appreciate that. Placing an Entry LIMIT Order Commander in Pips: You’re welcome. So let’s start from orders to enter the trade. Here we will talk only about limit orders and not about stop entry orders, because they apply comparably seldom with Fibonacci entry technique. Actually, there is only one rule for placing entry order – you should place Buy/Sell open order slightly above/below Fib support/resistance level that you intend to use for entering the market. Why? Well, may be it is not so topical for Forex market due to huge liquidity, but it may be reasonable for other markets that possibly you will trade sometime. The reason for such kind of order placement is to get more chance of getting your order filled. Because “at the level” there will be huge competition for order executions, so that some orders will lack filling, others will be filled with slippage (i.e. at worse price) and so on. Placing the entry order behind the level has not make a lot of sense. Although you will get fill at better price – possibly it will happen when this level will be broken by the price action, and instead to get out – you will just get in.