This setup is for all traders in a genuine hurry, or ideally, for the novice trader who is unsure of where support and resistance lines should/could be placed. This idea cements a rough (but good) placement of support & resistance lines on your chart instantly by selecting the highs and lows with your Fibonacci retracement tool (once numbers below are exactly plotted in to the tool itself).
It's useful for all tradable assets and all timeframes. This example shows likely daily support and resistance zones.
Note the Fib numbers are to the left on the chart* - set your fibonacci up just like this and save as 'Instant Fib Support & Resistance' in your Fibonacci template for super quick and super easy support & resistance lines.
#Fibonacci #Supportandresistance #eduactional #educationalpost
*Numbers setup in Fibonacci retracement tool as:
1.875
1.75
1.625
1.5
1.375
1.25
1.125
1.0
0.875
0.75
0.625
0.5
0.375
0.25
0.125
0.0
-0.125
-0.25
-0.375
-0.5
-0.625
-0.75
-0.875
-1.0
It's useful for all tradable assets and all timeframes. This example shows likely daily support and resistance zones.
Note the Fib numbers are to the left on the chart* - set your fibonacci up just like this and save as 'Instant Fib Support & Resistance' in your Fibonacci template for super quick and super easy support & resistance lines.
#Fibonacci #Supportandresistance #eduactional #educationalpost
*Numbers setup in Fibonacci retracement tool as:
1.875
1.75
1.625
1.5
1.375
1.25
1.125
1.0
0.875
0.75
0.625
0.5
0.375
0.25
0.125
0.0
-0.125
-0.25
-0.375
-0.5
-0.625
-0.75
-0.875
-1.0