Hi! I'm xtekky and this is my tutorial on how to use the Fibonacci speed retracement tool- I used Apple (AAPL) as an example to display the tutorial.
Steps:
(1) Open the fib retracement section on the left bar and select the " Fib Speed Retracement Fan"
(2) According to your trading style, select the timeframe I indicated in the chart - to begin with - you can then choose the timeframe you are most comfortable with.
(2) Define the begin of an uptrend (after last retracement or reversal) and place your first point
(3) Define the end of the uptrend (after last retracement or reversal) and place your second point - if there isn't any recent retracements / reversals, you can take previous ones or the highest
recent value
(4) Define the most relevant percentage (38.2% on this chart) but it may as well be another level - note that fib levels 38.2% and 61.8% are often the most relevant ones
(5) Let the stock / crypto test the level once or twice to make sure it holds, you can of course jump in directly if you are confident.
(6) Take Longs and Shorts in the "Channel"
Advanced:
(7) Use momentum reversals (Squeeze Momentum from @LazyBear is the best indicator for me) to define more precisely when to jump in - note that the price doesn't always trade in the channel, there are some false breakouts and/or the price sometimes reverses a bit further.
(8) Use volume support / resistance zones
(9) Include Imbalances in the prices (If the Crypto/Stock you trade has a high volatility/manipulation rate)
If you want more complex tutorial, you can see a more detailed vid on the Ytb profile linked to this Tradingview account
Disclaimers:
!! This is not an investment advice and you shouldn't use this technique alone !!
!! Never invest/trade with more money than you can afford to loose !!
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That's pretty much it! don't forget to ask or DM if you have any questions!
If you want to follow me on this long journey ahead of us, you can support me by subbing and liking the post !
-Credits to xtekky-