DislikedWould it help if those of us who use Fibs and/or pivots and s/r levels to all use the same charting package so we can really help each other see what we each see? Inspiration from Pipmaster and Pip-anon's beautiful charts gave me the idea that if we who trade similarly and do not want too much junk cluttering our monitors, maybe we can all find a free or inexpensive charting platform besides MT4 to use to help each other in Forex, and even stocvks if you guys desire. We can even have a separate thread and call it :AUD/USD-2. At the very least it...Ignored
I know MT4 is widely available to those in smaller markets, but a lot of brokerages offer their software upon account setup. Majority of the time no deposit is require, so that you could analyze on quality software and trade through your brokerage's MT4.
I love ThinkorSwim. Ninjatrader and Jforex are sexy in their own right. Also, another amazing software package is TC2000. It does cost a small license fee (like ninjatrader), but if you want want quality software, you're most likely going to have to pay for it.
http://www.worden.com/products/tc2000
http://www.ninjatrader.com/
I do like fibs, but I am not necessarily a "guru" and probably use them "wrong." I don't do waves, and I believe applying them to a wave is less optimal.
I find some traders use data samples (i.e. wave count) that are too small. I find the larger the same (i.e. timeframe + length). So I apply it to a longer dated chart's high and low. Gives a nice indication of S/R.
But Fibs are subjective, so to each their own
When the facts change I change my mind, what do you do sir