Fibonacci Retracement

1. It works best when the market is trending and it works best with the higher time frame.
2. Go long on a retracement at a fibo support level when there is uptrend. Go short on a retracement at a fibo resistance level when in downtrend.
3. Find decent significant swings highs and swings lows.
4. for downtrend, click on swing high and drag the cursor to the most recent swing low.
5. For uptrend, click on swing low and drag the cursor to the most recent swing high.

Below is the graph for M&M. I have mentioned in my earlier post that M&M will go down. It will be interesting to see if there is a support at 61.8% level of fibo, which is significant for pullback situations. See the support is at 840, but which is broken. Lets see tomorrow.