Hey guys, I'm currently using fibonnaci retracement and I take the lowest point to the highest point (that works well).
I am simply not quite sure of the right method of using the fibonnaci extension in an uptrend to find targets. Can someone please give me instructions? Thank you!
If you want the best results you need to use this on at least the daily charts or higher. Don't try and day trade with fibs especially on the M1 charts.
The way its done for crypto is exactly like it is for stocks and forex. You need to pick a local low and a local high. One example could be the low of Dec 2018 of $3100 and high of June 2019 of $13800. You need to use common points like this, and can't randomly just plot them.
The common ones are the 38.2%,50% and 61.8% fibs and you will see how they would of helped you in the past. Just remember to use them on higher timeframes.