How do you know where to put Fibonacci lines on a FOREX graph

Question

I understand the concept sort of... But not really getting where to put the line

Answer 1

Forex trading-http://tradingsforex.info/

Answer 2

Fibonacci retracements are commonly drawn from the beginning of Wave 1 to the top of Wave 3 to find a target to the Wave 4 retracehment.

Spirals appear in seashells, pine cones , animal horns and patterns of plant growth. They also appear in non-living natural objects such as galaxies and in non-living natural processes such as hurricanes or ocean waves (see figure 30, the pattern which connects). Virtuous, the Roman architect and author of De Architecture, said, "Nature has designed the Human body so that its members are duly proportioned to the frame as a whole." Studies show the proportions of phi are found in man. The average height for the navel of a man is .618 of the total body height (figure 31 "human body"). The same proportion is found between the bones of the human hand (figure 32 "the human hand"). The human body, including the head, has a Fibonacci five appendages attached to the torso. The hands and feet each have five fingers or toes. Our senses also number five, sight, smell, taste, touch and hearing. The Fibonacci sequence has been found in the solar system. Planets with more than one moon have a Fibonacci correlation in the distance from the moons to the planet. A similar Fibonacci relationship holds true for the distance of the planets to the sun.

Answer 3

Can't say fibs are useless, but I've been trading for 2 years, and the only thing you need to know is that there's been a strong pullback. No need to fib that.