I am a relatively new Forex trader. I have a question about using Fib retractments. Depending on the chart duration that you are looking at 5 min, 60 min, daily, the high and low points that you identify to draw your Fib line, the results will render extremely different results. I would like to hear from traders that successfully use the Fib retractments and how they determine their high and low points. Is there a rule of thumb like if you are trading off the 60 minute charts use these charts to determine Fib points for x periods? I am trying to identify support and resistance levels with a higher percentage of accuracy. Also are Fibs good in all markets up, down sideways?
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- Last Post: Jan 10, 2007 3:46am Jan 10, 2007 3:46am
- Joined Nov 2006 | Status: Trader | 1,758 Posts
