Qustion: Can i find the support & Resistance by using fibonacci in 1 minute candlestick chart?
i mean, is it still work like using by 1 hour chart? and is it useful for one 1 minute chart?
Qustion: Can i find the support & Resistance by using fibonacci in 1 minute candlestick chart?
i mean, is it still work like using by 1 hour chart? and is it useful for one 1 minute chart?
No, avoid small time frames, there are a lot of false signals .
You should use a higher time frame to use fibonacci…say 1 hour +. But just in case you want to know how to plot S/R lines, look for the highest high and lowest low and then look for areas where prices have bounced off and where prices have held.
I would advise against using such a small time frame because you tend to be trading just market “noise”. As a rule of thumb, S/R works best the higher up in time frames you go.
If you really want to use lower time frames, at least consider using the longer ones to establish the main S/R levels, then use the lower time frames to time your specific entries and exits once prices approach them