Mr Indicators
Member
Here's a manual way to set your Take Profit AND and Support & Resistance levels using the Fibonacci tool. You need to add these levels first (11.4)..(88.6) to your Fibo tool.
Go to you 4h chart, draw your Fibonacci, from your highest high to your lowest low and vice versa...
If you not sure about how far back to go then use this simple method.
1. Open Chart
2. Go to 4hr Chart then DON'T ZOOM OUT!!!!
3. Use the highest and lowest points you see!
4. Go to your 1hr chart or 30min chart (Whichever one you use) and you'll clearly see your critical levels, Take profit levels or whatever you want to call them.
These Fibo levels also DOUBLE AS SUPPORT & RESISTANCE AREAS. On the 1hr chart I indicated the S&R levels with 1,2,3..
TRUST THE STRATEGY...IT WORKS!
I used GBPUSD and the next support level should be 1.19574 on Monday the 8th of July or Tuesday...
I have attached pictures in order to demonstrate how to do this...and Good Luck!
Go to you 4h chart, draw your Fibonacci, from your highest high to your lowest low and vice versa...
If you not sure about how far back to go then use this simple method.
1. Open Chart
2. Go to 4hr Chart then DON'T ZOOM OUT!!!!
3. Use the highest and lowest points you see!
4. Go to your 1hr chart or 30min chart (Whichever one you use) and you'll clearly see your critical levels, Take profit levels or whatever you want to call them.
These Fibo levels also DOUBLE AS SUPPORT & RESISTANCE AREAS. On the 1hr chart I indicated the S&R levels with 1,2,3..
TRUST THE STRATEGY...IT WORKS!
I used GBPUSD and the next support level should be 1.19574 on Monday the 8th of July or Tuesday...
I have attached pictures in order to demonstrate how to do this...and Good Luck!
