First time doing this on a demo account, need to make sure I am doing this right before i proceed. thanks a lot for the help!
No labels for your fib levels I see… you should add them. Anyway, if your 100% fib level is at the swing low and 0% at the swing high which seems to be the case here, then it’s fine. Note that my swing low may differ from yours and that’s ok as long as you have some idea from your experience and backtesting, which retracement levels, given prevailing market conditions, are levels of interest i.e. fib levels at which price is likely to reverse following a retracement. But of course, there’s no guarantee that it would reverse - you’re dealing with probabilities.
So bear in mind, it takes a LOT of practice and observation of price action at and around the various fib levels (keep an eye out for patterns) for fibs to even begin to add significant value to your trading system. By itself it’s pretty useless - as is the case with every other indicator - but generally in trending market conditions and in areas of confluence, a fib retracement level can prove to be a seriously powerful tool.
By the way, you might want to add the 76.4% fib level which appears to be missing in that chart.