For example, here's a quick pair of daily bar charts for GE for the two durations where the fibs came marching through on comagnum's chart...
There are widely known simple price action formations in those areas...
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Fibonacci Fans!
- Thread starter easymon1
- Start date
There are widely known simple price action formations in those areas...
I day trade fibs using a counter trend strategy ,the reason i trade C/T is probably like others is i don't know when the trade will reverse ,so i let a previous fib move play out if it does and meets my plan then i enter the trade and trade the C/T
The problem is that the traders i have watched ,use different pairs, time frames more important take there fib levels from different points, but if they money with there individual strategy, Which they've worked it out who cares.
I have tried my strategy on other fx pairs, xauusd, us500 etc using the time frame i use but the trades never work out.
The problem is that the traders i have watched ,use different pairs, time frames more important take there fib levels from different points, but if they money with there individual strategy, Which they've worked it out who cares.
I have tried my strategy on other fx pairs, xauusd, us500 etc using the time frame i use but the trades never work out.
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You brought up a good point. You know exactly how I trade and, equally important, that I showcase my trades by posting them in real time. Hence, I leave no doubt or suspicion (or so I would like to think).
By the same token, I wish they (including you) could DEMONSTRATE that Fibs work by showing me your trades in real time. How hard could that be if you truly believe the Fibs do work, as you advertise?
If you can show its effectiveness, hey, I'll be the first convert.
Well that is fair too and you got me there, just wanted to get your thoughts on what I was saying. Was never a fan of fibs myself, but was briefly using them as a joke, but surprisingly it was working better than I imagine it would. In the end though the time it took to draw them and apply them wasn't worth it when the other things I use were working better and less time intensive. So again, I admit you got me there.
Someone else that regularly uses fibs is going to have to step up to the plate for full verification.
Do you trade a rules based method?
How do any trend reversals and support/resistance zones form? It is by many traders coming to the same consensus to make it so:
Here are the Fib retracements of IWM taken from the Pandemic lows to the November 2021 highs (in Red)... and another retracement from the June 2022 lows to the August 2022 peak in green.
The current January 2023 rally is currently hanging around the 50% level between $186-$187. I could be wrong, but I believe that many traders will come to the same consensus as I have to exit this trade at around the 61.8% level of $193.06 within another 10-14 days or so.
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Yeah, I live inside the matrix and this is what I see as I trade (see below). Of course, I trade based on rules. That's why I look down on the Fib because it looks too damn wishy washy.
From what I understand, gotta agree that fib anchors are subjective enough that your
conclusion seems reasonable.
"A Fibonacci retracement forecast is created by taking two extreme points on a chart and
dividing the vertical distance by Fibonacci ratios."
So to get started we "take two extreme points on a chart". Ok, WHICH two extreme points shall
be used?
This vital instruction on how to select anchor points appears to be too subjective to lend itself to
black and white rules based trading.
How do any three fib traders ever end up with the same anchor points remote from one another
on identical charts across a dozen trades?
Open for suggestions...