How to apply Fibonacci retracements?

asimpleplan

Member
63 3
Hi, can anyone explain the logic of where to apply Fibonacci retracements?

On the ff chart I can see the Fibonacci retracement levels have been applied. In this case the bottom line is the low on the chart with the subsequent levels above.

What is the logic in applying the retracements from this low when if you scroll further back there'll be a lower low?

Is that how Fibonacci retracements work? They can be applied from any time period henceforth? Obviously on too small a timeframe they'll cease to be effective?
 

asimpleplan

Member
63 3
I couldn't post the chart in spite of trying 2 different image hosting sites where I successfully uploaded the image, copied the link to paste into the 'insert image' option on this site, but 'trade2win' can't deal with the process. I've used many forums across the web and many suffer similar issues but many are very easy to use where quite often I can just drag and drop an image on to a post and the site's software sorts out the rest. 2017 and still having this problem!
 

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