Re redrawing fibs, this seems like simple common sense.
There is not point in leaving a fib in place when a subsequent swing leaves it looking silly.
Trust me to know about this. Looooooonnnnnnnnggggggggg before this thread, I had a fib trading robot that relied on hedging instead of stops to deal with failed trades. The prob with this approach was that it relied on leaving the original fib in place.
Any idea how silly a three week old fib looks? If not, try it.
Fibs have to move with the latest swing if they are to continue to be meaningful.
There is not point in leaving a fib in place when a subsequent swing leaves it looking silly.
Trust me to know about this. Looooooonnnnnnnnggggggggg before this thread, I had a fib trading robot that relied on hedging instead of stops to deal with failed trades. The prob with this approach was that it relied on leaving the original fib in place.
Any idea how silly a three week old fib looks? If not, try it.
Fibs have to move with the latest swing if they are to continue to be meaningful.