The example pictures for things like resist/support levels and swing highs/lows in the school are TOO perfect. I look at my charts and find nothing similar to them. How could I go about identifying swing highs/lows better? Does it matter which time frame i set my fibo? If i set it up on a 15m chart is the price action going to respond to the retracement levels of the trend happening on the 15m chart or will it more heavily respond to another time frame’s trend. Any advice would be awesome!
Swing highs or lows should be completely visible to you. You shouldn’t have to think about them. If you zoom your chart out, they look like a V or inverted V and are called fractals on MT4 ie have two higher lows (or highs for swing low) on either side. Best to look at daily, 4H or 1H charts for S&R and I never use fibs on any lower time frame, but that’s my personal trading style.
My problem is I see too many v’s to start/end my fib at. How small does a trend need to be to disregard it? In the picture I posted, did I do my fib right?
is the purple to white trend large enough to use for the fib, if not should I do it from the blue and purple dots? I have no clue, it’s just too jagged and I see too many trends of too great a variety of sizes to know which the majority crowd is basing their fib off. I’m probably overcomplicating this.
The first pic is right. I tend to draw fibs on the latest swing high to low (or vice versa) on a high time frame. Purple to white is where you could draw one fib or light blue to purple is the bigger range.
I’m under the impression that there isn’t a standard sized channel that everyone’s basing their fib off of. if i used a fib on the light blue to purple instead of the purple to white wouldn’t that change the retracement levels and give me false indications? I probably don’t understand this at all. If light blue to purple is ok then shouldn’t it be ok to start from the red dot in the first picture?
In any case I found an automated fib indicator that’s absolutely amazing so I suppose I don’t need to bother doing it manually anymore >>
