Hello ozziedave, I think, robby2007 will trade pic#2. Because on pic. 1 movement not strong, on Pic 3 point C, D is wrong because previous movement has been retraced to the 38.2
But, maybe I'm not right
But, maybe I'm not right
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DislikedHi Denver, you got the fib correctly, and as you can see you could have a nice bounce off the 38.2 for a couple of +pips also, and i would buy also on the 61.8Ignored
DislikedHi Rob,
Just trying to understand how you pull your fibs. I see you have some very long term fibs on your chart in one direction and other shorter fibs pulled in the opposite direction. I must admit this is where most people, me included,...Ignored
DislikedHey Robby,
Thanks for posting this strategy. This is the first fib-based strategy that I feel compelled to trade.
I too, have problems with placing the fib swing high and swing low points. Well...I have a rather simple addition to your strategy that doesn't change the trading methodology at all....Ignored
DislikedIf anybody has problems with drawing fibs, you can use zigzag indicator and folow its lines, chart attached.
By the way jtmoore was correct about trades at 62.8 level; it does not make sense to close the position from 38.2 level at 62.8 level and open another one at the same level.
It is exactly like opening one position at 38.2 level and set the stop 100 pips above or below the 62.8 level.Ignored
DislikedHi,
first of all congratulation to Robby, this method is really interesting..
If you are a beginner, as you told,...Ignored
DislikedRobby, in drawing your fibs, can you give an example as to the starting point. I've noticed some of the wicks are filtered out. What criteria to you go by to establish a starting point.. ThanksIgnored
DislikedIīll explain it again, but i think this has been very well discussed in earlier posts.
Just find the latest movement that it started and didnīt retraced to any of the fibs yet (38.2 and 61.8), pull your fib on that movement, if it continues moving, keep pulling in the direction that it is moving until it retraces to the 38.2, sell there or put a pending there, there goes a pic.Ignored
DislikedHi Robby,
Can you say why this swing isn't being used anymore? Marked it with the blue line. I noticed on other charts you were using the longer FIBs to enter on trades. ThanksIgnored