[fibonacci] Fib. Placement

[conr 10]

Hi, I trade the ES off a 5 min. and am trying to get a feel for Fibonacci levels. Where is the most effective placement of this study with regard to the start of the day? Meaning 15:30 the day prior or midnight the actual day. For example, my chart software is automatically placing today's low at midnight. I would think it would be 15:30 yest.

 

Thanks much.

[Harlequin 10]

I guess there is no right or wrong answer but fwiw I forget about daily highs and lows and concentrate on identifying swing highs and swing lows in each time frame.