fibonacci

[gaps]

Hello i am new at this and get confused easily. with fib retracement if the trend is down do i fib from recent low to high? also what values should i have for fibs in my metatrader fib.
thanks
gaps

[capsmart]

Hi Gaps
Welcome to the forum since this is your first post
When the trend is down you start from the top and go down.
Just to make things easy to remember. Price will first retrace to the 23% then 38.2 etc.
You let the default ones and add 78,6 or 75 if you follow Pierre.
Anyway those are general areas and price will not react to the pip even if sometimes it will do react to the exact level.

[gaps]

Hi Gaps
Welcome to the forum since this is your first post
When the trend is down you start from the top and go down.
Just to make things easy to remember. Price will first retrace to the 23% then 38.2 etc.
You let the default ones and add 78,6 or 75 if you follow Pierre.
Anyway those are general areas and price will not react to the pip even if sometimes it will do react to the exact level.

\

Thank you Capsmart for your reply. a bit clearer now
gaps

[capsmart]

Glad it is more clear now.
The question sometimes is which high and which low to select.
Well it depends. LOL
What you want to do is to select what is most obvious. It is not a magic formulat. People see a high and a low (same with trendlines, supoort and resistance) and act accordingly.
The more they see the high and the low the more they will react at a certain level.
Also the longer the time frame the better. So it is better to draw your fibs on daily charts instead of 15min charts.
Select some charts, draw your fibs post them here and we could discuss it.
Regards

[gaps]

Glad it is more clear now.
The question sometimes is which high and which low to select.
Well it depends. LOL
What you want to do is to select what is most obvious. It is not a magic formulat. People see a high and a low (same with trendlines, supoort and resistance) and act accordingly.
The more they see the high and the low the more they will react at a certain level.
Also the longer the time frame the better. So it is better to draw your fibs on daily charts instead of 15min charts.
Select some charts, draw your fibs post them here and we could discuss it.
Regards

Thanks again Capsmart. having pc probs at moment. i will have to figure out how to load charts too.
appreciate your help
Toko
hope to be back online in a few days

[capsmart]

Ok Gaps.
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