Fibonacci extension tool doesn't work for me

Beginner Questions
1

I am trying to use the fibonacci extension tool but I think it is not working for me. According to the pipsology course, I have to click thrice - swing high, swing low, and a retracement level - but I cannot be able to click three times. When I click the second time on the swing low, the tool aborts. I don’t know if I am doing it right by clicking twice and not thrice. The tool does not allow me to click three times at all.

2

Try fibonacci retracment,
Applied to swing high and low

3

But the Fibonacci retracement and Fibonacci extension have different functions. I am trying to look for take profit levels

4

When you click twice and it aborts, does it leave any levels behind?

5

Yes, it shows some data below the lines. I was wondering if the data is wrong or if I can use it since I could not click thrice.

6

On my platform, IF you’ve selected the correct tool, click twice for retracements and thrice for
extensions. Is it possible, based on the way you described you are selecting extensions, that your are actually selecting retracements?

7

I’m not sure what software you use. Once you know the Fibonacci levels the retracement and extension tools can be used interchangeably, meaning bidirectionally. I think that’s why some chart software only have one and not the other. The usual method is to place the first and third anchors at the lowest point/start and the second anchor at the swing high. The subsequent swing low after the initial swing high is often ignored with respect to calculating the extension. (I’m aware this is a controversial statement to some.) Although the tool extends or retraces to project the next resistance or support, how to actually determine which extension level represents a support or resistance depends on the flavor of technical analysis you follow. If Elliott wave Theory is your flavor then follow the rule with respect to the wave you are extending or retracing.

8

Fibonacci extensions will determine certain future price zones. But it is also possible to apply this tool to continuations of some corrective section, that is, whenever we have already identified a clear trend or a correction of it, it is possible to apply the extensions to determine the points where the price could end in the following hours or trading sessions.