Books or Study material for Fibonacci
- Thread starter MacR
- Start date
Fibs work perfectly fine, but so does MACD, RSI, ATR, Elliott Wave or any other combination [some of the time] and that's the key, what do you do between those moments, with fibs people [think of institutional but it's grander] who make more returns than you could ever dream of identified eight (8) levels of fib.
You would think only one level is active at any time but it's not, they are all in play in various forms across each instrument and each timeframe, there are no books for this, only experience, one of the key rules of any book is that after reading it, that book will provide you the grand total of one idea, not a solution, but an idea which you have to formulate in to a strategy.
Fibs work'ish, but they don't work'ish, but sometimes work'ish, depends on who you talk to, so far I have only come across one person, and I've read a lot of books, who has been given the knowledge by rather smart people to make fibs work all the time for all assets and all timeframes, that person ended up being me.
Like you just did.
WTfrack is support and resistance if not a cycle beginning or ending. Thanks for stopping by. Geez.
Fibs work for my strategy, for me it is a predictive indicator not lagging, it gives me an entry level to scale in at fib levels a predefined exit ,and a hard stop. if my stop gets hit (as every traders knows) wait for the next set up and start again, as long as your win/loss ratio is in your favour.
The strategy i trade to the best of my knowledge is not in any book,but the fib levels are.
What i am saying is whether you have a Mentor who has handed you his proven fib strategy or you have taken a fib strategy out of a trading book ,and adapted it to suit your pair and time frame,we all trade fibs in a slightly different way.
The fib levels may be the same but our strategies are various.
The strategy i trade to the best of my knowledge is not in any book,but the fib levels are.
What i am saying is whether you have a Mentor who has handed you his proven fib strategy or you have taken a fib strategy out of a trading book ,and adapted it to suit your pair and time frame,we all trade fibs in a slightly different way.
The fib levels may be the same but our strategies are various.
Knowing a cycle is incomplete gives you a direction to trade, support and resistance does not - all I'm sayin
If price breaks 1.200 and by doing so it starts a new cycle that ends at 1.2700 but price is currently moving short and is near 1.1800 you are looking for long entries not short.
First you say breaks a level starts a new cycle, then currently moving X. No idea what that is all supposed to mean.Knowing a cycle is incomplete gives you a direction to trade, support and resistance does not - all I'm sayin
If price breaks 1.200 and by doing so it starts a new cycle that ends at 1.2700 but price is currently moving short and is near 1.1800 you are looking for long entries not short.
Then you post charts with fib levels that don't show from where they are calculated - from to where? And wherever those points are, how are they determined (if not prior swing highs/lows) - in advance?
Not sure what to make of it.
