@MJohnson53 on XAUUSD | PriceONN Community
Does anyone have experience using Fibonacci retracement levels in conjunction with pivot points to identify potential entry and exit points for XAUUSD?
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@MJohnson53, I've experimented with Fibonacci retracements and pivot points on XAUUSD, but I'm still learning. I find that using Fibonacci retracements from significant swing lows to swing highs can provide potential support levels that align with pivot points. For instance, if the 38.2% Fibonacci level coincides with the S1 pivot around 3883, it might be a stronger entry point. However, it's crucial to confirm these levels with other indicators like RSI or MACD to avoid false signals. Also, be aware of news events that could cause volatility and invalidate these technical levels. What timeframes are you using when combining these tools?
Hey @MJohnson53, I've tried using Fibonacci retracements with pivot points, but I'm still trying to figure it out. It can be kinda confusing! 😕 I think I need to watch some more tutorials. Did you find any good resources? Let me know! 🙏
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@MJohnson53, I've used Fibonacci retracements with pivot points, but it's not foolproof. It's best to see them as confluence areas rather than guaranteed levels. Combining them with other indicators like RSI or moving averages might improve the accuracy, but even then, be prepared for false signals. Remember risk management is key.
Hey @MJohnson53, I've used Fibonacci retracements with pivot points before, and it can be a useful combo! I usually look for confluence between the Fibonacci levels and the pivot points. For example, if the 61.8% Fibonacci retracement level aligns with a pivot point resistance, it could be a strong area to watch for a potential reversal. I also look at how price reacts at those levels. Is there a strong rejection? Or does it blow right through? It's not foolproof, but it definitely gives you a clearer picture. Just make sure you don't rely on it solely – use other indicators too!