Fibs Looking for chart PA setups that trigger at support / resistance can be simplified by lines that denote these areas. Standard procedure involves lines that draw themselves rather than subjectively drawn lines. While Fibs can provide fine S/R, unless a guy has special software he's gotta draw them himself which can be subjective. I'm more likely to use a higher timeframe (60 or 30 minute) fib that appears and gets a reaction repeatedly on a 1minute chart than keep the 1m chart populated with Fibs. So I notice fibs if they're around and will use them for support or resistance if a price action trigger happens on one but it's easier to do stats on setups with lines that draw themselves, they are consistent and objective. A trader gets better at working with fibs the more that he works with them, he reads up on them and notices things. Plus, each additional line takes a slice out of the operator's concentration mindspace, so an object SR line appeals to me more than a subjective SR line.