Fibonacci retracement with forex – must take the first setup?
When using Fibonacci on intraday charts, it is important to take the first swing low / high in days rather than re-drawing fibs and trying to get into any late?
Sorry but the Fibonacci retracement is not working so well for intraday diagrams. If you wish to use them on intraday charts, you can draw them between the first low and high of the day, but they are not big supporters. Try to pull For example, Fibonacci retracement on the daily chart and then use these supports from the daily chart as buying opportunities. It works much better. Also, instead of Fibonacci retracement, you just use pivot. Use the daily pivot as your intraday support and resistance. Good luck
FOREX Fibonacci Studies – How To Draw Your Fibonacci Retracements / Extensions