Newbie to forex and I started learning about Fibonacci, because I know so many use them differently I try to read multiple books or watch multi videos to find those using it the same for confirmation that I understand how to use it. I see too many doing the Fibonacci retracement and the expansion differently as in where they start to plot the line.
I'm hoping by the pictures and the notes I left them in can help you to help me understand which is the right way to draw the Fibonacci expansion.
I agree with kieran. But Fibonacci should not be used as the only indicator (it's not meant to be used alone - a strength indicator can be used to determine if it will break support and resistance levels for example). Always go with last highest high and last lowest low. It should also only be used on timeframes 4H and above (your 1D is good).
It may actually be due for a move up at 1.04500, strong move through that may indicate further downward trend.
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