I have been playing with fibonacci tool the whole weekend
When bouncing from resistance or support. Very high accuracy entry.
In the picture.
If the price retrace to either 38,2 - 50 - 61,8 and goes down and close red body below 38,2 then there is my entry. Body must close below 38,2 both when shorting or going long.
For long its opposite but the candle must close above 38,2
Works they say when trending but I have made tests when price is hitting S&R and then its the big question… will it go down or up…
Last pic… body dont close below 38,2 no entry.