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How To Draw Fibonacci Retracement In TradingView

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what we cover In This Video

0:14 - How to draw Fibonacci correctly

1:00 - Entry for lower risk and higher reward

2:10 - Hidden support/resistance entry level

2:55 - Entry, stop loss and take profit rules

3:25 - Set realistic expectations and how to win

How To Use Fibonacci Retracement On TradingView

You can select Fib retracement in your side menu bar (top menu bar on mobile) to use the Fibonacci retracement tool on TradingView:

Fibonacci Retracement And Extension Levels

Here are my settings Fibonacci retracement and extension numbers list (draw a Fibonacci and double click on it to open settings), enter these levels and make sure the Reverse box in style settings is unboxed. To remove background colors unbox Background or draw opacity to 0 like I have done:

If you want Fibonacci levels to display as %, change Levels from Values to Percents.

How To Draw Fib Retracements Extensions

In an uptrend, draw Fibs from new higher high to previous higher low.

In a downtrend, draw Fibs from new lower low to previous lower high.

Best Time Frame For Fibonacci Retracement

The daily and 1-hour time frames are often considered the best time frames for Fibonacci retracement levels because they provide a good balance between short-term accuracy and long-term trends.

On the daily time frame, you can use Fibonacci retracement levels to identify key support and resistance levels that are likely to hold over the longer term. This is because the daily time frame is a longer-term chart, and the price action on this time frame tends to be more reliable and less prone to noise.

On the 1-hour time frame, you can use Fibonacci retracement levels to identify more short-term trends within the overall trend. Because this time frame is shorter-term than the daily chart, so it is more sensitive to shorter-term market movements. However, it is still long enough to provide reliable Fib levels and filter out some of the noise that is present on shorter time frames like the 5-minute and 1-minute that are better for finding entry points.

TradingView Chart Layout

Copy my TradingView chart layout settings to get the clean black background:

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How To Reset TradingView Chart Settings

To reset the chart settings on TradingView, follow these steps:

1. Click on the "Chart" icon in the top menu.

2. Click on the "Chart Settings" option in the drop-down menu.

3. Scroll down to the bottom of the "Chart Settings" page.

4. Click on the "Reset to default" button.

This will reset all of the chart settings to their default values, including the chart type, time frame, and indicator settings. It is important to note that this will only reset the settings for the current chart, and any other charts that you have open will not be affected.

You can also reset the chart settings for all of your charts at once by following these steps:

1. Click on the "Profile" icon in the top menu.

2. Click on the "Settings" option in the drop-down menu.

3. Click on the "Charts" tab on the left side of the page.

4. Scroll down to the bottom of the "Charts" page.

5. Click on the "Reset all chart settings to default" button.

This will reset all of the chart settings for all of your charts to their default values. It is important to note that this will also reset any custom templates that you have created, so be sure to save any templates that you want to keep before resetting the chart settings.

Johan Nordstrom Professional Trader Risk Management

Johan Nordstrom is a full-time trader, and a family guy in his early 30's who trades the markets in a simple yet effective way. He has a master's degree in risk management and years of experience trading the markets. He has helped hundreds of struggling traders become consistently profitable. Read more.

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