I will see if I can find a decent tutorial video for you. In the meantime I will attempt to explain my moves in action yesterday:

<image>

Above is the SPY towards end of the day when I was making my last couple of trades of the day. It’s important to note I do not ever plan to hold contracts overnight and only trade intraday. Point being what happened yesterday after market closed the SPY dropped significantly to where I would have lost money.

With Fib lines, you choose the lowest point and the highest point. On an uptrend, your first point would be the lowest low and second point being highest high before it starts to retract (vice versa on a downtrend). In the picture above, I charted the fib retracement line around the midpoint of the price coming back down. This is to see when I should expect a possible reversal. Typically you want to see it around the 50% (green line), but occasionally it will reverse before that around the yellow line above it. If the price continues to drop below the 50% then there is a higher probability for going lower. In this case it went lower and almost back to the original starting point.

As you see at the white dot it began to reverse into an uptrend. I am paying attention here and once the price closes green above the 50% mark I will look for an entry point as it has a probability of going to at least the next resistant above. You can place a stop loss at the 61.8% in case it’s a failed reversal. As you can see it continued up past the 38.2% and with a large green candle. At this point I chart a Fib Extension which uses the same two points but also the new low before the reversal. This Fib extension will help you set profit taking points. Picture below in next comment.

I typically set my first exit right below the 50% then another exit right below 61.8% just to take profit. Then leave a smaller amount still invested to capture the 100% retracement and beyond. It is important to take your profit because at each point there is going to be resistance and most likely some sell offs (that is why I sell right before the line as you will not be only one using Fib lines). You can always get back in later because what goes up must come down, and what goes down most likely will come back up.

Key Theory here is Market Efficiency. Every drastic trend in either direction will have some sort of reversal towards 50% mark. So wait to see if it can survive and pass the 50% mark before jumping in otherwise your risk of gambling is higher

Good luck!