is fibonacci an essential tool for traders ,i have to confess i have not used them yet .When plotting them on the charts there is usually contraction or uncertainty similarly to support/resistance ,supply demand…around the fib levels .Are some levels more relevant .Are they more relevant on the higher time frames ?
All depends on your plan , I personally use everyday to help define a move , key levels for me 161.8 and 127.2
yes thanks for your feedback Langers much appreciated as always
1 Like
its interesting it reversed just before hitting the 127.2 on the nasdaq [daily]
Fib levels are important when a lot of traders are watching the same levels.
The 38.2% and 61.8% are popular on daily charts. So is 50% (although not technically a Fib ratio).
yes thanks for your feedback much appreciated
yes been looking at them between support/resistance levels on lower time frames