Fibonacci levels

Hey guys,

I am still a noob and I am confused on using fibs. How the heck do you place them? Because a swing high/low isn't a concrete number is it? Everyone's going to have different numbers. So how do find these swing high/lows? Do you use daily high/low?

I too would like to tell it. Was not engaged in a level Fibo Earlier

Try the link and pdf file below:

http://www.forexfactory.com/showthre...59#post2155559

Thanks for that. I'll read that article.

One more thing, which TF is most used to draw fibs? As I see it, drawing them on daily/4 hourly/hourly will each result in different levels.

It really depends on your trading style but most of all your trading skills. I would never recommend anything under the hourly chart for those who are just getting started with Fibs/trading in general. Each time frame will give you different levels, the higher the time frame the stronger the levels become.

For instance, you can plot Fibs on the Daily/Weekly chart, and then Fib and trade the Hourly chart while being mindful of where the higher TF levels are.

You can study the Bobokus thread for more reference and also take a peek at Islander's thread on using Fibs on lower TF (Time Frames)...

http://www.forexfactory.com/showthread.php?t=50767

http://www.forexfactory.com/showthread.php?t=69499