New fibonacci retracement lines - where and when?

Hi all,

Happy weekend.

A quick one --

I've been trading (a small account) on and off for a little while, with relatively flat success, and I have recently stumbled into the world of fibonacci retracement. I have used it with fair success this week (GBP/USD), but now the swing low that I had pinned the end of the bar to has been broken, I wondered what the protocol was to give up relying on that existing set up and draw a new retracement line.

Is it a case of waiting for a new significant low, is it a moveable feast, etc?

Many thanks for any responses, in advance.

Yes you need to wait for it to make a new low and start to retrace if you plan to keep looking for sell trades from a Fib level. What do you mean by movable feast?

Fib Retracement is for visual assignment of a retrace . You could accomplish the same with dividing the retracement size in pips to the swing size in pips . There is no magic number that does anything.

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