How to draw fib extensions

Beginner Questions
1

Hi,
Can somebody explain where to draw fib extensions. For example in an up trend do we start from the first higher lows similar to the point choosen for fib retracement or do we go back further in time?

If the same point as fib retracement then I guess we need to wait for the market to move forward in order to plot the ‘next two mouse clicks’ which then leads me to question wouldn’t we potentially miss a target / opportunity? Isn’t the whole point of fib extensions to get an idea of TP level etc?

2

I am not really familiar with using the fibonacci tool so I will suggest you this video hoping it will help you:
https://www.youtube.com/watch?v=Wo4EyqClX5c

3

Yup. This is actually a confusing one for me because apparently there’s also Fib Expansion that’s different from Fib Extension. o_O

6

@waltoncharles @MithcelRobert
If you can paint fib in the left way, you are slightly little likely to have ideas of past price market to make a loss while profiting.

7

Proper drawing of fib is needed because you will get wrong signals otherwise that can lead to losses.

8

Fibonacchi is a point-centric indicator that you have to draw in the right way to get right signals.

9

Not meaning to be too negative,I don’t think it will have any influence on whether your successful or not

10

You can’t detect the support and resistance point exactly without drawing the fib in the proper way.

11

Not all traders can draw fib exactly. A proper drawing of fib will show you supports and resitances.