Using Fib Lines to place orders

[SunTrader]

Trading would be so easy ... and very profitable if only it were so simple as just doing X because of Y.

Pick any TA technique - does it work sometimes, of course - does it fail sometimes, of course.

Can any TA technique be followed blindly without any trader input whatsoever, of course friggen not.

Donate your money to charity before letting software buy/sell just because a number, however it is determined, is hit without considering other conditions.

 

[maxinger]

It wouldn't work in the choppy market.
Most of the time, the market is choppy.

Good Luck!

 

[Overnight]

It wouldn't work in the choppy market.
Most of the time, the market is choppy.

Good Luck!

Da Fuq you say? Where have you been since Thanksgiving?

 

[easymon1]

(I'd like to automate my orders so that they are placed when Price hits

sk60, Where y'at? You got this? Here's a trade from today between 12:30 and 1PM, where this would'a worked like a champ at the 1.618 / Pivot area. Cha-Ching. Time's a Wastin'. - https://www.elitetrader.com/et/thre...t-right-here-baby.343012/page-16#post-5506234

 

[MACD]

Fib lines work only about 70% of the time

70% -- WoW more than enough to Profit consistently!

 

[Mercor]

70% -- WoW more than enough to Profit consistently!

Fib lines work only about 70% of the time just so you know. So don't be surprised if it doesn't work. There might be natural phenomenons that conform to Fibonacci numbers but the numbers don't apply 100% to financial trading as it is still largely impacted by fundamental factors and news.

70% is a sure thing in this business
How do you determine the 0 and 100 spot...Is that arbitrary

 

[MACD]

70% is a sure thing in this business
How do you determine the 0 and 100 spot...Is that arbitrary

Absolutely NOT arbitrary. This is important to understand. Fibs work regardless of Time Frame or Duration of trade. How to is knowing the Reason why Fibs used correctly are so valuable and used by most institutional traders as well.

 

[MACD]

After the Fed meeting today Fibs were quite profitable with repeated scalps on the ESZ1

That is Why the OP (original poster) was on track to automate his NT8 or other platform...

 

[MACD]

 

[JSOP]

70% is a sure thing in this business
How do you determine the 0 and 100 spot...Is that arbitrary

0 and 100 are supposed to be based on previous support and resistance lines which imo can be highly unreliable. And now more and more fib levels are being added to explain reversals I guess. LOL In my days, the only fib levels based truly on Fibonacci numbers are 0, 38.2, 50, 61.8, 100 and then that's it, none of these 78.6 or 88.6. And then 78.6 was later on added but now this 88.6? LOL After 100, it's supposed to be a new trend with new 0 lines. All the price moves that overshoot past 100, I would consider them failures of the fib system. Very soon, every 5-point move will be a fib level.