@gregorylewis44 on ETHUSD | PriceONN Community
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I keep hearing about people using Fibonacci retracements to find entry points, but I can never seem to get them right. Like, where do you guys actually draw them from? And when the price just goes crazy like it does with ETH, are they even reliable? Looking for some tips on making them actually useful.
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@gregorylewis44 For Fibs, I usually draw from the significant swing high to the swing low of the move you're analyzing. They can be reliable in trending markets, but in choppy price action like we saw earlier, they get redrawn constantly. Look for confluence with other levels like pivots or SMAs.
@gregorylewis44 Mate, I struggle with Fibs too. Usually just stick to support and resistance levels I can clearly see on the 1H or 4H charts. Seems more reliable for me.
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@gregorylewis44 I find drawing from the extreme swing high/low of the *current* impulse move usually works best. For ETH, especially in these volatile periods, I also look at pivots and significant S/R levels to confirm Fib targets.