Using Fib Lines to place orders
- Thread starter skiing60
- Start date
@JSOP forgive me for saying: Your knowledge of Fibonacci trading is either "old school" or perhaps misunderstood. I will be happy to assist in clarification if you wish in another post here or a new thread.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.
A good book: "Fibonacci Ratios and Pattern Recognition" -- should find it for free on Google or buy at Amazon. (Both offer a money back return privilege -- should not find it helpful.
Best to you and stay healthy ...In addition to confluence with the resistance on that 9am candle wick. The higher the confluence of signals, the higher chance of a profitable trade.
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.
@JSOP forgive me for saying: Your knowledge of Fibonacci trading is either "old school" or perhaps misunderstood. I will be happy to assist in clarification if you wish in another post here or a new thread.
A good book: "Fibonacci Ratios and Pattern Recognition" -- should find it for free on Google or buy at Amazon. (Both offer a money back return privilege -- should not find it helpful.
Wow. I have to agree with @MACD.
I first learned about the lesser known 88.6 and even 94.1 in the late 90's!!
I don't use Fib levels, but they do exist in my toolkit.
It was a perfect 61.8% time and price retracement squaring. That is all the confluence I need.
Said it numerous times that ... time then price then pattern in order of importance.
Yet whether it is fibs or anything else all anyone talks about is price doh!