Lately, I have been getting good trades using mainly Fibonacci retracement. There were more winners compared to using other ways in the past. It is simple and at least I know with certain degree of confidence where my entries and exits are.
First I would draw a Fibonacci retracement for the Day chart. Then I would go down to lower time frames. Mostly I used 30-minute chart. I would look for possible points of reversal at the usual Fibonacci levels. Even if the price is half way between one Fibonacci level to another, I would know with some certainties where it is heading. It will be toward the next Fibonacci level most of the time. The level where the prices had previously stopped or overlapped Fibonacci (days & shorter time frames) would be my take profit level.
It is simple and it works for me. That is all I need. I don’t even use any other confirming indicators. I believe Fibonacci ratios are god given in our lives.
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