Fibonacci strategies and secrets
Ther must be a visible trend otherwise FIB levels woud not have a meaningfull impact on price, FIB condition Trend and momentum, focus on trend and momentum, use the logic price swings for placing the fibonacci tool
Do not use the fibonacci retracement tool on very small price moves or shortet time frame, applying fibonacci retracements over a short timeframe is ineffective. the shorter the timeframe, the less reliable the rretracement levels.
Distance between retracement levels is very low when FIBS are applied on small price moves. (6 PIPS distance- 8 pips distance). Higher take profit focus on larger time frames when you apply fibonacci levels. Fibonacci retracements were applied on a large swing on H4 time frame.
Draw Fibonacci Retracements
- Deternibe the dominant rend
- identify the swing high and swing low before drawing
- draw the fibonacci tool from the wicks of the swing highs and lows
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