In the last couple of days I’ve come across two people who, in my mind, have used what I would call old fib levels as new levels to watch. Now I’m not calling them wrong or anything but I would like to know how others look at fib levels.
The way I learnt was that once a fib level was passed it became redundant. Take the example below.
The 50 held on two occasions then was broken. I don’t deny that the level can become valid again but I would call it a normal support or resistance point. First and foremost leaving old fibs up clutters the screen, but that’s just me.
Do any of you still use fibs that are well passed the 61.8 level (and I’m assuming that on the basis that the majority of people use just the 32.8, 50, 61.8 levels)?
Again, I want to stress that I’m not calling right or wrong on anything but would like to get thoughts on that and fibs in general.
If there is anyone who has any question on fibs or indeed other tech, then drop it in the comments.
