often not accurate to draw fibo lines

@ Ahmad:

- If I'm a day trader, can I use the high/low price of the previous day if I'm using the H1 timeframe to draw the Fibonacci lines?

Answer:
The determination of swing high and swing low points in Fibonacci retracement does not depend on the previous period (the previous day, etc.), but is determined from the nearest visible swing low and swing high, based on the current retracement and ease of analysis.

For example, on the current USD/JPY H1 (December 26, 2017):



The two nearest swing low points are points A and B, and the nearest swing high point is point C. So you can draw from A to C or from B to C.
From the retracement that has occurred so far, you will find it easier to observe the next price movement if the swing low and swing high are from A to C.

If you draw from B to C as in the following image, it will be difficult to analyze the next price based on the Fibo retracement levels because it has almost touched the 100% retracement or the swing low level (B), so useless.

However, both are still valid and obey the Fibonacci retracement levels.

- ….if I want to try using a Fibonacci calculator, can I look at the high and low prices from the previous day….

Answer:
For the prices to be entered in the swing low / swing high, please read our explanation above.
For the Fibonacci calculator: You don't need to use it because as far as I know all trading platforms have provided a facility to draw Fibonacci retracement lines that automatically display the levels.

If you are using the Metatrader platform, then go to: Insert - Fibonacci - Retracement, then draw the swing low and swing high lines according to your observation, then right-click on the line and go to Fibo properties, a box like this will appear:



You can change the value of the swing low / swing high, and the Fibo retracement levels will appear automatically, so you don't have to bother calculating with a Fibonacci calculator..

- …. and is it okay to draw Fibo lines using only 1 candle from the previous day on the Daily TF?

Answer:
It's okay as long as the movement of the next candles is still within the range of the candle, and it is still possible for ease of analysis as explained above.