Breakeven limit to exit Bonds trade.

Quote from TWMPMM:
Hi Harris,
I just wondering if you could elaborate a little on how you determine your support and resistance levels. I know you use fibs to find these points. what I am wondering is, how you go about calculating them. Are you using the last swing points off that same chart, or are you getting these values off of a different time frame. Also curious about how you determine which fib values to use(38,50,62, etc). Forgive me if this all sounds a little ignorant, as I have not previously incorporated fibonacci in my trading.
Thanks
PS. Good Journal, keep those charts coming.