Fib traders look for the ''natural rhythm'' of a market.
But where exactly to place the ends can be subjective.
I make it more objective by wiggling until price tells me.
Sometimes the Highest High to Lowest Low is NOT best.
Sometimes there are long wicks so hard to place one end.
Sometimes momentum will take price further than it ''should''
While drawing the fib, drag one end up/down a bit.
Look at how the price reacted to the various fib levels.
Try to hit the most price turns with the most fib levels.
But where exactly to place the ends can be subjective.
I make it more objective by wiggling until price tells me.
Sometimes the Highest High to Lowest Low is NOT best.
Sometimes there are long wicks so hard to place one end.
Sometimes momentum will take price further than it ''should''
While drawing the fib, drag one end up/down a bit.
Look at how the price reacted to the various fib levels.
Try to hit the most price turns with the most fib levels.
Comment:
Another example of a not-so-obvious choice for Fib placement:
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag