Hi I am fairly new to forex and have been testing out various strategies/systems mentioned on this site and it’s a great resouce. More recently I have been looking at fibonacci retracments. I am just having trouble drawing the lines correctly so that the 61.8 and 50.0 levels are touched with the price and I always miss and mess up trying to buy at those levels. So instead I wait until a swing low and hight have formed and wait for the price to go down and hit support (50 ish) and the i draw my lines so that it touches the 50 support. From there i wait until the 1.312 resistance it hit. Then i look for the rsi to be up around 60+ and for stocks to have made high and going down, then I enter my short trade.
I am just macking sure I am on the right track and if anyone with proper knowelage can help me out give me their feedback thank-you.
Let me know if I have done anything wroung or has anyone else drawn their line differently, because thats what im unsure of.
GBP/USD 4 Hr CHART
My name is Ryan and I have been trading on a demo account for about 2 months just learning what forex is all about and I am planning on trading live in about 3 more months, I think I still have a lot to learn considering in 15.
