Would this make sense?

Say you were at the 233 fib level would it make any sense to go long if your previous position was short and work off the fib levels long back to the 55sma?

First off what pair are u trading? also can u provide a chart? making sense depends on alot of things Ie overall trend and a host of other factors.

Well it was on GBP/USD but they say that the euro only hits 337 like, once a year, so if it hit 233 wouldn't it make sense to close and reverse your position and work back to the sma?

Just because it's not hitting the 337 doesn't mean it's not continuing to trend against you following the fib line. That' where the picture would make it easier.