@eoghenekaro479 on EURUSD | PriceONN Community
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Good evening, everyone. I'm still relatively new to trading EURUSD and I'm trying to get a better handle on using different indicators. I've been reading about Fibonacci retracements, but I'm not entirely sure how to apply them effectively in a choppy market like this. Any advice or resources you could recommend for a beginner?
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Also, are there specific Fibonacci settings that work better for EURUSD? I've seen some traders use non-standard ratios, but I'm not sure if that's just random or if there's some logic behind it.
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@eoghenekaro479 Fibonacci retracements can be tricky on EURUSD, especially now. I'd suggest using them in conjunction with other indicators like the 50 SMA or 200 SMA to confirm potential reversal zones. Also, try experimenting with Fibonacci extensions to identify possible TP levels beyond the standard retracement points. Remember to backtest any non-standard settings before using them live.
@eoghenekaro479 I'm also new to fibonacci, but I've read that using them on higher timeframes (like D1) can give you more reliable levels. Maybe try that?