Hubert Senters here.
Got a couple of questions from the viewers. Don’t pay attention to this. Do the work. Solve the problem. Repeat. First question is from Rolando.
Hi,
I was curious how Hubert came up with the higher fib numbers. I understand the FIB projection that he explained. I was confused on the retracement levels that were higher numbers. Thanks for all you guys provide.
Rolando.
There’s two main ways that I use Fibonaccis. It doesn’t mean it’s the right way. These are just ways I use them. I use either a retracement or an extension or projection. And different people call them different things.
So on a retracement what I’ll look for is I’ll use what’s called a Fibonacci Price Retracement Lines. And what I’ll do is I’ll draw from the dead high all the way down here to the dead low. Then what I’m looking for that I know it’s probably going to bounce into the $50. Now, there are several lines that can be formatted in that thing.
There’s the 0, the 100, 23, the 38, the 50, the 60, the 76. I didn’t put any mathematical percentage then if you want it will do it for you. So that would be a retracement from low to high or high to low.
I could do it the opposite way too like remove this one like this. And then I could go from this one to that one. And then I know it’s probably going to pullback to this number. I like the $50 and the $61.8. So that’s how I do it And then on the next one would be like the extensions or the projections and that would be going from a low here, a high and then a low.
Let’s take Tesla. On this one, I’m going to draw from the low to the high to the higher low. It’s going to project or extend. It’s called the Fibonacci Price Extension Lines. And this also can be formatted.
You can over to the settings and alerts and you can put as many as you want on there depending on which one you’re going to. Those are just the defaults. What it’ll do is based upon this low, that high and that new higher low. If it continues to go it’s going to go hit those levels. I hope that’s the question that you were asking and I hope I answered it the right way. Those are the two that I use and hopefully that I didn’t put your name too bad.
Good luck. Hope it helps. See you on the next video.
Hubert.
