How would you draw fibo in this chart

Beginner Questions
1

HI,
This is the latest update of usd/cad one hour chart.If you want to draw fibo levels how do you do that?I mean which swing do you choose ?Can someone gives me a general rule for drawing them.

Thanks

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2

I won’t draw fibs, because USDCAD has been ranging since June 30. However, I would’ve drawn them in the weeks/days before this date, as the market was trending up wards.

Just find a significant/major higher and connect it wherever price topped or bottom out.

on that same chart you could’ve done this a few weeks back.

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3

If you want a day trade first take a look at a bigger timframe: in this case the 4H chart. Yo can see that is starting to go down.

So go back to the 1H chart and place a fib from todays high (1.0675) to today´s low (1.0484, assuming the price dont go lower before the day is ove). Then try to find a retracement to enter short. It works better if you combine it with pivot points.

Hope that helps! if you have any questions, feel free to ask me