Is this Fibonacci Big Boy right?

So i was trying to see if i’m able to undestand how fibonacci works, i have placed it by using the 1H chart after that i have started analyzing using the 5m chart. As you can see from the screenshot the price tested the 61.8% level 2 times and was not able to pass it so dropped down back to 50%. Is this analysis right or just lucky?

Imgur
Imgur

Yeah looks ok. But the other way is, it looks like overall uptrend so take the fib from bottom left to top and see where the retracement was to continue long.

Personally I find fibonacci to be very unreliable. Maybe you can find another way for it to make sense.

Yippee! So I learned something! However i was just testing it because I’m still going through the babypips school. The candelstick told me that they tried to push the price upper but the Fibonacci level hold. That’s crazy I now understand what happen in the chart! It’s like learning to drive

1 Like

Hi enkos

Perserve with you analysis as you will find that Fibonacci is more reliable than you think.

Dummy trade for a while and take tades that have pulled back to the 50% 61.8%. You will find that these areas are where traders who missed the first leg of a trend will look to enter and where those already holding positions will look to add to those positions.

Happy Trading

Blackduck

1 Like

FIB isn’t very accurate. How can you apply it?

Fibo is one of the most popular technical tool; you just need to set it properly!

I agree and as my screen suggest it is valuable because a lot of traders use it, it become self-prophecy as babypips school suggests

Support/resistance is more important than FIB.

1 Like

Of course they are the basics. But if you think about what the Fibonacci can found… you can use it for found and confirm your R/S

It’s really cool that finally it’s working for someone to be prepared for such doings anyway. I really liked that our school here help so many people to discover all that patterns and use them for profit in their mature lifes anyway for whatever reason you may only get anyway.

1 Like

All indicators are usefull that is something people need to understand. Babypips school is teaching me this. But it’s also important to understand that you can’t just base your trades on the indicators that is the mistake a lot of people does.
For example Fibonacci it’s usefull for find support and resistance. If you use it with pivot you can easily check if the resistance you have draw are valid or not

Imgur

And… this is the continuations boys! JUST TAKE A LOOK AT THIS BIG BOY

Fibo also represents the valid support/resistant levels between the lower-low & higher-high!