fibs help with GBP/USD

hi guys, bit of a newbie here but have been playing around with fibs the last few days and trying to add it into my strategy...

just wondering what points you guys use as your start and stop for them and off what time chart. im trying to trade off the 1H at the moment on the GBP/USD and have fibs set at 17044 for the highest early august and the recent low of 16114? should i have a more recent high? or could i combine both to get a more thorough support or resistance zone?

cheers

It really depends how long term the move you want to capture will be. If you are a position trader and planning on holding your trades for weeks and months, you can use the august high and the recent low for your fibs to form a bias(which im assuming would be when to short?).
If you are more of a swing trader and dont like to hold positions for more than one or two days, then id suggest you use more recent and smaller swing highs and lows.
hope this helps!
Gulzaar

http://gulzaarfx.blogspot.com