Fibonacci mix/mash with the only seer you didn't know. :grin: Will build this example step by step.
Using Bitmex chart.
Step 1:
Here I start with a retracement on the 4-hour chart. Notice , it's drawn till the second highest top. Important. Negative extensions are a home grown fantasy. You've got this right °!! _ !!° https://www.tradingview.com/x/xFUrChdN/
edit : Try to start a retracement starting with a fluent movement. No waves inside. Actually from top till bottom on a trending area with lot's of volume , certainly on small timeframes. Here are waves inside. This is just trial and error off course. There's a minor customization here with minor different value's. But it should like this.
https://www.tradingview.com/x/5521GC8K/
Step 2:
Leave all lines 4 -h chart where they are.
Then go to the 1-hour chart, a retracement over the recent crash/fall.
Like this :
https://www.tradingview.com/x/nE2A9hXC/
Step 3:
Add the next retracement.
https://www.tradingview.com/x/kPHXg7IW/
Step 4:
Now the speed resistance lines down,
not fine-tuned on the 2 peaks but on the circled lows.
I take for the first point always the high or low of the candle.
And for finetuning I move the second point between high/low
and the body of the candle. Keep your square in mind and avoid
as many candles as possible in your square.
This works the best for me , Fingerspitzen gefükl :-)
But essentialy this is what the price does around fan lines.
https://www.tradingview.com/x/P60Rcjqi/
And on fan line crossing (fan up/fan down) , there's a good (the best) chance to expect some price action.
Step 5:
Drawn a more or less "square" (broadly viewed there , the stronger the trend , the more rectangle is allowed. Meanwhile another square low appeared. A new one was added. Finetuning on the new circle :
https://www.tradingview.com/x/97as8r5t/
Step 6:
Add some fancy , trend extensions.
Like this :
https://www.tradingview.com/x/Jx6bgRkY/
and
Like this :
https://www.tradingview.com/x/9fyWFlU0/
Within this broad tradingarea , looking it as a trend-zone by closing you eyes for the big trend. Hope you know what I mean.. you can draw trend extensions for spotting temporary tops or bottoms.
Matching fan lines and retracements .... ==> action with very tide stop.
Step 7:
Scroll down.
Many supports around 4810$ and 1 major </= 4784$
Go long @4810 and put stop @4770.
Or choose something else.
Place your bets or not.
And then see what happens.
°(:-:)°
Disclaimer:
"Most fib's are drawn on the movement before.
See 4h chart in the beginning , retracement not till highest top but top before.
Just like the first trend extension in step 6.
This is because this movements are big.
And always go 1 step back for then going 2 forwards works just fine.
More or less."
Have fun.