Dan sorry for the late reply, I wasn't around much yesterday afternoon.
I use Fibs on both the 1 hour chart and the 5 minute chart. I only look at the futures chart, but the cash chart comes reasonably close. I trade short term time frames, but the longer term helps me with overall bias.
For the 1 hour chart, the FIB extensions of 127% and 161.8% are used a lot. You need to be aware when the price reaches these levels. To get these numbers place your 100% and 0% on the swing high and low of the last 24 hours and possibly longer if no obvious turning points. If the move is lacking in strength it will retrace only 50%, 61.8% or 78.6% before turning and going back down to the 0% line.
In a really strong trend, ie ones that have had 161.8% extensions or more, they tend to only retrace to 38% before going back and retesting the highs.
On the 5 min chart, I still use Fibs but mostly the 50% and 61.8% lines, and I use the high and low of the first 1 to 2 hours for the 100% and 0% lines.
How you trade these levels is up to you. But to enter at a level I look for some kind of confirmation that it has bounced off that level before entering. I don't enter exactly at the number. But I will close trades at the number or possibly a few ticks shy of it to lock in a profit.
The pros use Fibs, so don't ignore them. Be aware of them.
....small stake..
