I have noticed down or up trends can sometimes last for 2 or 3 days before a pull back. To see where the pull back is likely to reach would it be best to draw the Fib over the whole down/up trend or just the last day of it?
Normally I only draw Fibs over a daily candle.
The whole trend. Draw from the obvious start of the trend to where it began to retrace. I’m sure someone has a strategy for only drawing on 1 day candle, but I’ve never done that. Unfortunately I am on my phone and can’t post a picture. What pair are you looking at currently?
Keep in mind I am a longer term trader 
I keep my trades open from a couple days to several weeks.
XIV
Trends are different in each time frame, so the way you draw a Fib is from a swing low/high to a swing high/low in the time frame you are trading
If you find hard to pinpoint swings, you can use zigzag indi. Although nothing beats the eyes of a well trained trader
do u trade on daily tf also ric?
This would be for daily trades. The chart below shows how I would normally draw fibs over a daily candle but here I would have got stopped out below the 38.2 level.
Instead, if I had placed the fib over the whole 2 day period the price would have retraced perfectly back to my 61.8 entry and then onto full profit at 161.8.
Therefore, I am noticing that where there are atleast 2 or 3 daily candles going in the same direction with no pull back in between days I may be better drawing Fibs over the whole trend rather than just the last day.
This next chart shows how drawing over a single daily candle worked best. The prior down trend had been broken by an indecision candle before hand.
Richhand, I do not know your strategy and seems you are following the price with the Fibos, that is a mistake if you want to use Fibos to trade the trend.
The most commonly way to draw Fibonacci retracements/extensions is from swing point to swing point. When you can pinpoint swings highs and lows, that means the market is trending and Fibos are more useful.
Here is an example of how to draw a Fib:
This is E/U daily
Of course you can use them in any time frame but the bigger the best
Yunny1, although I take the direction of the trend into account, this stratergy is to use the Fibs to gain the retracement of price following a daily candle, not specifically between swing points. This generally works very nicely having chosen the right candles. I am just wondering if anyone else has found that it is best to tie 2 candles togther when price has moved strongly from one day to the next. I am back testing but not certain of this yet.
Of course I also use fibs over trends between swing points but this is a seperate stratergy.
Drawing fibs over a single H4 candle or over a trend on a H1 chart can set up 2 very different retracement areas. I will start another thread with clearer pictures to show the problem.
