Help with Fibonacci

[nachofilme]

Hello everyone, I am relatively new in Forex markets and currently Opero "Naked" daily graphics following pure price action.Recently, however, I have begun to add Fibonacci setbacks to complement my trading.I understand the concept of Fibonacci levels and what they mean, but I have some problems with the real placement of the lines.The more I experiment with the locations, the more insecure I feel.Until now, all my successes and failures in trading have been on my own;I have never sought help from others.But I think it's time to ask for more experienced traders guidance.Here is a weekly EUR/USD graph where I have placed Fibonacci lines.Any obvious error that they notice?I appreciate any constructive criticism.As I said, I am new in trading and even newer with Fibonacci levels, so I will not be surprised if I am doing something wrong.Happy operations to all and thanks in advance for your help.

[jesuspa82]

You should draw the Fibonacci levels from all nearby oscillation points.This can help you identify confluence areas.A confluence zone is where several levels of Fibonacci coincide or are very close.For example, 61.8% and 50%, or 61.8% and 78.6%.The levels do not have to match exactly, but they should be close enough (this depends on the time frame

[Akimo]

Citing hello everyone, I am relatively new in the Forex markets and currently Opero "Naked" daily graphics following pure price action.Recently, however, I have begun to add Fibonacci setbacks to complement my trading.Since Fibonacci levels are mainly used to measure setbacks in trends, it is worth practicing them as a "measurement rule" for this purpose.Pay special attention to setbacks of 38.2% and 61.8%, since they are the ones that most traders observe.The sooner you can identify these levels with precision, the faster you will learn how often work or fail, that is, you will develop a sense of the probability of an operation based on price action on these levels.When there is confluence with support and resistance, or fibonacci levels of higher time frames, these areas become even stronger.Play with them.You will not break anything.The more you practice, the more you will learn.

[nachofilme]

Thanks to both for their answers.I will continue to practice with them.I wish you a good trading to both.

[lofishkixx]

If you are having trouble placing the fibonacci lines, you are probably overcoming things.Fibonacci levels are not a magical formula, they are only a guide.Be sure to draw from the most obvious points of Swing Alto to Swing Bajo.If you doubt, it is because you are looking for levels that have no real relevance.Focus on the most significant setbacks, such as 38.2% and 61.8%.But remember, it's not just a matter of numbers: you need to combine them with price action and support levels so that they make sense.

[sebas]

The problem with Fibonacci is that many traders think it is an independent indicator that will tell you exactly what to do.It is not.It is a tool that only works well when integrated into a broader strategy.For example, if you are seeing a setback towards the 50% level but there is no support or resistance in that area, does it really make sense to use that level?Use fibonacci to complement what you see in the graphics, not as a unique solution.

[gmilmygomwz1996]

Your EUR/USD chart seems fine, but I will give you a advice: you always check the levels in different time frames.A fibonacci level that seems relevant in the weekly may not be so useful in the newspaper, and vice versa.Try to look for "confluence zones", where multiple FIBONACCI levels and other technical indicators coincide.These areas usually have more weight because more traders are watching them.

[pauoxmlinwzo]

Drawing Fibonacci may seem simple, but true magic is how you interpret them.Are you using the levels just because they "seem correct"?If so, you could be falling into the trap of operating in areas that have no real relevance.Think of Fibonacci as a starting point.Combine it with candle patterns, volume and general trends.So you will not only be using numbers, but also the market context.

[vigapagme]

Do not worry about making mistakes when drawing your fibonacci levels.It is something that takes time to dominate.At first, you will probably draw too many levels or at the wrong points, but this is part of learning.I would recommend practicing in historical graphics.See how Fibonacci levels interact with past prices and take note of the patterns that are repeated.It is a sure way to gain confidence without risking real money.

[InmilaGM]

If you are confused with the placement, here is a basic rule: always draw from left to right, from high to bass (or vice versa