Fibonacci Swing Points - Have i got the swing low/high Correct on this Chart

Beginner Questions
1

Hi, Zenin here from Oz.

Below is a Practice 5 min Chart from today’s AUD/USD.

I’m reading about Fibonacci (don’t know if i will use it as part of my future real time trading) but i thought i’d ask those with some more solid trading background if i have managed to identify the basic Swing Low/High points on this chart correctly - as per the example of what a Swing High/Low is…?

Ie: A Swing High is a candlestick with at least two lower highs on both the left and right of itself.
A Swing Low is a candlestick with at least two higher lows on both the left and right of itself.

AUDUSD(5 minutes)20130815131451fib.jpg700×327 20.1 KB

Basically i want to know if i’m correctly ID’ing this Fib stuff visually on a chart or not so thanks for your time,

Cheers,

Zenin

2

You’ve got it right except, when it comes to trading its all about HIGH PROBABILITY, and RELIABILITY…

The higher the timeframe the more you can trust the fib to hold…

1H 4H DAILY WEEKLY…

hopefully this advice will lead you to profits…:cool:

3

Thanks enoch7 really appreciate your fast reply!

As i’m not live trading and using right now the etoro practice account and i noticed that on the website for FX News it was said that real time correction support for the AUD/USD was at 0.9109 on 14th August

So can i be pretty sure that the etoro practice data is not hard linked to real time price data, as i can’t find this correction support point at 0.9109 on the data i’m currently using or viewing as a chart in any time frame.

thanks again Zenin

4

Use the low above the 618. From that low to the present high is the last extension, always use the last extension.

5

Thanks for your feedback DRA…So do you mean the low point of that Doji sitting at about .9145?

6

Might as well but this to test and see how it goes on real world.

7

hmmm…using Fib on a 5-min chart seems to be less reliable as it does not depict a strong support or resistance levels. If you are scalping then you might use leading indicators such as stochastics or CCI. :slight_smile:

8

thanks, i think you might be correct

9

cheers…:slight_smile: