Forbes contributing writer Tom Aspray discussed the use of Fibonacci retracement levels a few days ago.

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The Fibonacci retracement levels can be used to determine both entry and exit levels.

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The November correction stopped in between the 38.2% and 50% Fibonacci support levels.

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These two points could be used to calculate the Fibonacci retracement levels.

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The exact price and timing will be determined by a combination of Fibonacci retracement levels and what I call my smart money flow indicator.

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The Fibonacci retracement resistance levels calculated from the October high (point 1) and the January low (point 3) allowed one to define the levels where the rally could be expected to fail.

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To determine the profit taking levels I use a combination of Fibonacci and chart analysis.

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This was a classic example of how Fibonacci analysis can help you determine good entry levels when no one else is looking.

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In this article, I would like to review some current as well as past markets to show you the process that I use to identify a market to trade, and how Fibonacci analysis is included to determine not only entry but also exit levels.

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As for entry levels I use a combination of pivot point analysis, Fibonacci as well as simple tools like the 20-period EMA. As most of you are aware, in an uptrending market, pullbacks to the 20-day EMA often provide a good entry point.

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