Hello everyone, I'm relatively new to the Forex markets, and I currently trade daily charts naked following pure price action. Recently though I've started adding in Fibonacci retracements to supplement my trading.
I understand the premise of Fibonacci levels and what they mean, but I'm having some trouble with the actual placement of the lines. The more I experiment with the placements, the more unsure of myself I become.
Thus far all of my trading success and failure has been on my own, I have never sought help from others, but I think it's time that I ask some more experienced traders for some guidance.
Here is a EUR/USD weekly chart that I've placed Fib lines on. Are there any glaring mistakes that any of you notice? Any constructive criticism is welcomed, like I said, I'm new to trading and even newer to Fib levels, so I won't be surprised to hear that I'm going about it wrong.
Happy trading to all and thank you all in advance for the help.
I understand the premise of Fibonacci levels and what they mean, but I'm having some trouble with the actual placement of the lines. The more I experiment with the placements, the more unsure of myself I become.
Thus far all of my trading success and failure has been on my own, I have never sought help from others, but I think it's time that I ask some more experienced traders for some guidance.
Here is a EUR/USD weekly chart that I've placed Fib lines on. Are there any glaring mistakes that any of you notice? Any constructive criticism is welcomed, like I said, I'm new to trading and even newer to Fib levels, so I won't be surprised to hear that I'm going about it wrong.
Happy trading to all and thank you all in advance for the help.