I thought Gann/Fibb stuff was a bunch of baloney until I started following it lately and noticing many coincidences. Today on the ES emini, I was long from yesterday's close and held until the 61.8% retracement and exited slightly below. It then broke through and has now bounced off the 70.7% line (without me). I think a lot of the pro's must use these numbers?? I'm going to incorporate them into my system if things keep panning out. Anybody use them for the longer term time frame like this?
Maybe Gann/Fibb #'s Work???
- Thread starter ddefina
- Start date
I only learned about fib retracements in the past year, so I am still sceptical. But they do seem to be usefull on the daily charts for swing trading purposes on some stocks.
uhhhh what is 70.7 and what does it have to do with fibb #'s?
Originally posted by ddefina
Good question! I guess that's not a fib number?
Anybody know what the Qchart retracement bar is trying show? The first two numbers on the retracement are Fibs I believe? What are the others?
the most common fib retracement ratios are 23, 38.2, 61.8 and 78.6 but I am no expert with them def...
Originally posted by J_Commisso
uhhhh what is 70.7 and what does it have to do with fibb #'s?
The square root of 2 is approximately 1.414
The inverse of 1.414 is .707
Since "2" is not a fib number, neither are 1.414 or .707. However, traders do look at .50 and 2.00, and the squares, square roots and their invereses.
Thankyou Saratosa; for I was a little confused...