60 min/15 min fib placements.

[hendrikone]

Hi Neal, I have this question: If I draw the FIB on a 60 min. chart of a certain currency pair, when I click down to a 15 min. chart, will the 60 min.FIB then be valid on the 15 min. chart or do I have to draw a NEW FIB on the 15 min. chart (of the same currency pair)?
Thanks for your help!

[FibMaster]

Hello Hendrik,

Yes your 60 minute Fibs are valid on the 15 minute chart. Also, you can draw additional FibLevels on the 15 minute chart too. Use the smaller swings on the smaller time-frame for new Fibonacci retracements.

[Lifesong]

Hello Hendrik,

Yes your 60 minute Fibs are valid on the 15 minute chart. Also, you can draw additional FibLevels on the 15 minute chart too. Use the smaller swings on the smaller time-frame for new Fibonacci retracements.


Hi Neal

Thanks for this reply, but although I think I know the answer, I would appreciate your confirmation - does this then mean that when you trade the 15min chart you should take note of Fibs on the 60 min chart? Does it also mean that when you have say SK on the Daily chart and you're trading 4h/60min charts you should take note of the SK? Lastly does the same count for Fib expansions on higher timeframes when tarding the shorter charts?

[FibMaster]

Hi Neal

Thanks for this reply, but although I think I know the answer, I would appreciate your confirmation - does this then mean that when you trade the 15min chart you should take note of Fibs on the 60 min chart? Does it also mean that when you have say SK on the Daily chart and you're trading 4h/60min charts you should take note of the SK? Lastly does the same count for Fib expansions on higher timeframes when tarding the shorter charts?

Oh yes, absolutely!

Those higher FibLevels are powerful, you need to know where they are, for entry and exit. If a chart runs into higher-time-frame levels look to take your profits, or to enter if the market turns.

Some of the best trading can happen at those Fibonacci levels, you can't afford to ignore them.

-Neal.

[hendrikone]

Hello Neal,
My 60 min. chart showed a good up move and I drew the Fib from low to high, then I moved to the 5 min. chart (same pair) and it was down! How do I draw the Fib on this 5 min. chart?
as a down trend, from high to low? or follow the 60 min. chart rule (up) and draw this 5 min (even though down ) from low to high like the 60 min. chart?
Thanks for your help!

[FibMaster]

Hello Neal,
My 60 min. chart showed a good up move and I drew the Fib from low to high, then I moved to the 5 min. chart (same pair) and it was down! How do I draw the Fib on this 5 min. chart?
as a down trend, from high to low? or follow the 60 min. chart rule (up) and draw this 5 min (even though down ) from low to high like the 60 min. chart?
Thanks for your help!


Well, you could draw both, but for different purposes. One is for support, the other for resistance.

Start with the 60 minute chart, draw the support levels with as many swings as you can. Then do the same with a 5 minute chart. That will give you good Fibonacci support levels to use. If thispart is confusing, you should review my Fibonacci training videos, it is explained well there.

If you want resistance levels you can do them on the 5 minute chart.


-Neal.