@amandajackson98 on XAUUSD | PriceONN Community
I've been reading about different trading strategies, and I'm curious about Fibonacci retracements. Does anyone here use them regularly for XAUUSD? I'm trying to understand how to identify key levels and potential entry points using this method. Any advice or resources would be greatly appreciated, especially for someone new to technical analysis.
Replies
@amandajackson98 Fibonacci retracements are cool, but honestly, I'm still trying to figure them out too lol. I've watched a bunch of videos, and I think the key is finding a clear trend first. Then you draw the fibs from the swing high to the swing low (or vice versa for an uptrend). The levels like 38.2%, 50%, and 61.8% are supposed to be areas where the price might bounce or reverse. I'm no expert, but that's my understanding so far. Maybe try practicing on a demo account before using real money? Also, be careful of fakeouts!