Fibonacci Retracements

[tom82]

I was wondering if anyone can help me out with Fibonacci retracements, I’m still learning how to use them.
How often do you draw new retracement lines on your charts, how do you select new swing low and swing high?
At the moment I have retracement lines of the high of EUR/USD 1.2215 4th June to the low of 1.18756 on 7th June, I’m not sure if these lines are still current and useful.
look forward to any help you can provide
Thank you.

[RenaLa]

I was wondering if anyone can help me out with Fibonacci retracements, I’m still learning how to use them.
How often do you draw new retracement lines on your charts, how do you select new swing low and swing high?
At the moment I have retracement lines of the high of EUR/USD 1.2215 4th June to the low of 1.18756 on 7th June, I’m not sure if these lines are still current and useful.
look forward to any help you can provide
Thank you.

I dont konw what timeframe did you look at. Here is the exemple

Blue line is Price Action movement, the red one is retracement. In this exemple retracement had reach 50% of the price movement.
Fibs levels usually act as SR levels.

[tom82]

Thanks for the message.
My timeframe was the 1 hour chart.