Fibonacci Question

What is the best way to determine the high and low values on which to base fibonacci retraces

on a downtrend -- Low to Low, Open to Close, High to High
or does it even matter?

 

yes it does matter, and as price moves, and makes new lows and highs, the fibs need to be adjusted.

 

thanks
so on the uptrend lo>hi
on the downtrend hi>lo

 

There are more ways to plot Fib lines than there are failed stock traders!

Trader-X blogs about Fibs...here is a recent post about what highs and lows to use:

http://traderx.blogspot.com/2008/10/fibonacci-lines-indicators-and-holy.html