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How to Draw Fibonacci Channels

Education
BINANCE:ADAUSDT   Cardano / TetherUS

Fibonacci Channels are used to determine fibonacci support and resistance levels within an identified trend.

These channels can easily be drawn in both uptrends or downtrends to find potential areas where price action could change.

Uptrend
When drawing a Fibonacci Channel on an uptrend, a clearly identified trend needs to be established with higher lows being created.

To draw the channel, first select the two low points on the trend, and then the high point in-between them.

After the channel is drawn, the Fibonacci levels calculated can be used to help speculate price action by watching these areas as support or resistance.

Downtrend
When drawing a Fibonacci Channel on a downtrend, a clearly identified trend needs to be established with lower highs being created.

To draw the channel, first select the two high points determined by the trend, and then the low point in-between them as shown below.


Do you use Fib Channels?
If so, share your ideas in the comments below!
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Comments

thanks it's simple and clear.but why sometimes they are confusing us to draw them on charts? or maybe I confused. I'll be grateful if there is any article or documentation about to read to better and clear understanding to put them on charts. if any send me to dolatalighanbari@yahoo.com.
I'll be very grateful. 🙏
+7 Reply
@dolatali I agree, drawing them is one thing but understanding and reading them is something that could be useful in a tutorial
Reply
@dolatali salam vaght bekheir tonestid Rahi peyda konid k chejor tarsim konim ?
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Hi there. Please can you provide some more detail on how to apply the tool itself. When I select the Fib Channel tool, it does not appear to allow me to select two high/low points and then a low/high point in between. Many thanks.
+7 Reply
amazing
can you go analysis on btw
+4 Reply
very good to understand how to join premium
+2 Reply
@ethsam82 hi please Ethsam were you successful so you can help me on few steps I need to understand
Reply
nice one. I normally use pitchforks , and when I combined this, it just added another perspective.
+2 Reply
really don't get
+2 Reply
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