DislikedGood Morning Guys, from sunny Queensland.
Edkilp, placement of the Fib across the previous days completed high/low nails down two things.
1. No misinterpretation of where the Fib should be placed by the trader and
2. It spans the previous days high/low - in themselves support and resistance levels. Therefore you know you have a correctly placed fib and now you just watch how price reacts around the lines.
There are many options you have to trade fibs from one level to another, and if you read some more earlier post, you will see what they...Ignored
Also, do you draw your fibs in the same direction, regardless of weather it's bullish or bearish? 0 on top or bottom?
ed