Ok, I investigated a trade. I am using a demo account, and using one tool at a time, as I am a total noob, and don’t want to confuse things to much. I understand what the Fib does, but would like some clarification on correct placement. Different timeframes offer different swing highs and lows. I am using the hourly timeframe as my main. When using Fib should it be applied to each timeframe, or just the one you intend to buy/sell? And which high low is the most relevant. I am thinking that it depends on my overall plan about where to enter and exit, and that immediate high and lows are not the way to go.
So if I am a day trader, wanting to close out my positions by the end of the day, would I use the max high and low of the day to set Fib levels. Any help/opinions valued. Thanks pippers
If you want to use Fib tool in your trading. Watch this. It’s the best hour you’ll spend. Go back to it and you will always pick something new.
Good Luck
Gp
Honestly that all depends on your trading strategy. Since you want to close all your trades at the end of the day you may want to draw the Fibo at the D1, but look for your trades on the H1 or M30 (again, there is no one right answer and this is just my suggestion). Take your time and learn how to use them properly and then apply that in a mini-account trading 0.01 lots of real money until you determine what works and what does not for you.
Sorry old age