For the past few days i've been trying to incorporate fibs levels into my analysis. This is something new i learned from some of the scalping pros out there. Well, I'm still in the learning curve of using fibs and getting some minor bruises along the way but hey, no pain no gain right ;) but i do find that they are very useful when used together with horizontal SR levels for the added level of confidence.
The 1st graph is in 1M notice the higher high created from the downtrend? I suppose thats a hint that the pair would try to challenge that high by bounce from the fibs level.
More graphs on fibs levels coming soon. stay tuned!
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