FIBONACCI question ???

[VisionTrader]

One more....since I like this subject.

This is a visual of what I was trying to say earlier......

Once the bonds turned this morning, they retraced 50%, filled the GAP and then reversed.

This type of action happens, time after time, day after day.

If you did nothing else here except observe the long wick on the reversal candle...you could justify your entry since it bounced at 50%. Set your stop uder 50% or 61.8% to make it simple.

Leonardo

 

[VisionTrader]

As the saga unfolds, price gapped up, filled the Gap and closed the day exactly at the 23.6% level. Now its anybody's guess.

Buy a clear break above to the next level
Sell a clear break below to the next level

There we go, clear as mud.

I know price is going down to 112-29 tommorrow, but I am psychic

 

[VisionTrader]

Quote from VisionTrader:

Keep your eye on this one and make notes.

Okay let's see now...ER price moved up to the 38.2% retrace. Look closely and you will see it immediately bounced down, but recoved and moved thru this level. It may settle back and find support early tommorrow at the 576 level and move up to the 50% or 61.8% level.

If it is an up day at the open, look for the morning reversal to bang off the 584 level. Personally, I know price is going to move up to the 78.6% level soon. Probably tommorrow and then reverse. But I am psychic.

Anyway....this is how I use fibs. Don't bet the farm on them, just be keenly aware and don't let anyone tell you they don't have value in your decision making process. No matter what time frame you trade.

 

[VisionTrader]

Quote from VisionTrader:

As the saga unfolds, price gapped up, filled the Gap and closed the day exactly at the 23.6% level. Now its anybody's guess.

Buy a clear break above to the next level
Sell a clear break below to the next level

There we go, clear as mud.

I know price is going down to 112-29 tommorrow, but I am psychic

Okay. Let's see, we did pretty well here. Notice how price went to the 61.8% level and held....then dipped below and reversed at at key support level.

What's our call for tommorrow. This is a tough one, but I am saying up to 113 10/32 for tommorrow. Price will seek equilibrium on this one which is the open GAP from this morning. Look for a reversal once it hits. Stay tuned.

This is a tough one because I also have a key level at 112 8/32. I just figure the GAP above will fill.
ALSO, HOLD YOUR MOUSE OVER THE BOTTOM RIGHT OF THE CHART AND CLICK THE ARROWS FOR A BETTER VIEW. THANKS MICHAEL.

 

[VisionTrader]

Quote from VisionTrader:

Okay let's see now...ER price moved up to the 38.2% retrace. Look closely and you will see it immediately bounced down, but recoved and moved thru this level. It may settle back and find support early tommorrow at the 576 level and move up to the 50% or 61.8% level.

If it is an up day at the open, look for the morning reversal to bang off the 584 level. Personally, I know price is going to move up to the 78.6% level soon. Probably tommorrow and then reverse. But I am psychic.

Anyway....this is how I use fibs. Don't bet the farm on them, just be keenly aware and don't let anyone tell you they don't have value in your decision making process. No matter what time frame you trade.

Let's look at this one and see how we did. Okay, price did just as we thought...we had a slight move up and price found support right at our 38.2 level. Then the move up blew thru the 50% level and then found support right at 50%. Not bad.

Now.. I have two key numbers. One at 592 and one at 572. Question is what is going to happen tommorrow. This is also a tough one.

My call is that we will move up to the 61.8% level in the morning and reverse. I'd like to see the 572 number, but I'm not sure. If tommorrow is a strong day up we could see the move up to 78.6%, but I will go with bounce down for fun.

Anyway, more of how you can use Fib levels as a high level guide. That was the original question of this thread I think.

Little Russell is $10 tick, so make some money tommorrow.

Good luck and good trading.

 

[VisionTrader]

Quote from VisionTrader:

Okay. Let's see, we did pretty well here. Notice how price went to the 61.8% level and held....then dipped below and reversed at at key support level.

What's our call for tommorrow. This is a tough one, but I am saying up to 113 10/32 for tommorrow. Price will seek equilibrium on this one which is the open GAP from this morning. Look for a reversal once it hits. Stay tuned.

This is a tough one because I also have a key level at 112 8/32. I just figure the GAP above will fill.
ALSO, HOLD YOUR MOUSE OVER THE BOTTOM RIGHT OF THE CHART AND CLICK THE ARROWS FOR A BETTER VIEW. THANKS MICHAEL.

Well price moved up to 113 like we anticipated. The GAP filled overnight easily. Price did not reverse however, it found support at the 23.6% level and then it was off to the races. Now we would move our FIB grid around to look for a retracement of this move. More next week on this one.

 

[VisionTrader]

Quote from VisionTrader:

Let's look at this one and see how we did. Okay, price did just as we thought...we had a slight move up and price found support right at our 38.2 level. Then the move up blew thru the 50% level and then found support right at 50%. Not bad.

Now.. I have two key numbers. One at 592 and one at 572. Question is what is going to happen tommorrow. This is also a tough one.

My call is that we will move up to the 61.8% level in the morning and reverse. I'd like to see the 572 number, but I'm not sure. If tommorrow is a strong day up we could see the move up to 78.6%, but I will go with bounce down for fun.

Anyway, more of how you can use Fib levels as a high level guide. That was the original question of this thread I think.

Little Russell is $10 tick, so make some money tommorrow.

Good luck and good trading.

Russell moved up thru the 61.8 level. It was a NEWS surge day. For anyone who trades GAP fills, this was a classic. Not much in the way of FIBO news on this one today. I just noted that price did not reach the next level and is wiggling along the 61.8% level. Bulls and Bears are fighting on the front line. My call for Monday on this one is a strong move down. Double top at this level. I will re-evaluate on Monday morning, but I am looking for it to find the 572 number.

But then again, who really knows. Not me.

Good luck and good trading.

Read the DaVinci Code to help your belief in Fibo's.