I am new to the Forex markets, online trading in general. And have been reading up on indicators and different tools you can use to help you understand when/where to jump in.
I have been looking at the daily USD/CHF chart and notice its been in a dowtrend, and has retraced some. So I’m trying to accurately apply the Fibonacci lvl’s. If I’m understanding this right, according to what I read on this site, in a downtrend, you would start by using the lowest swing pivot point out of the last last 30 time increments, and then the highest swing pivot point. Attached is the most current daily chart with my Fib lvl’s on the USD/CHF pair.
Can somebody please give me feedback on this? Am I understanding and applying this method correctly?
If I apply’d this method correctly, then the USD/CHF retraced and ended almost at the .382 level on Friday. So based on that, would it be acceptable to perhaps to put a short order in at 1.2088?
I would appreciate any helpfull analysis.