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Attachments: Which Fibo level do YOU use and why?
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Which Fibo level do YOU use and why?

Quoting Pipanator
I look for extreme levels of 10% or 90% bounces.
though i do not use fibo. but i prefer the fibo level, it will give me an opportunity to enter the market.
I like to see the top headlines about finance everyday. which is very important to me to overall market sentiment.
Quoting danny6787
In reality when using the Fibonacci it really depends on what you are trading, because sometimes your fib will not work for you at certain levels and you need to learn how the fib works according to what you are trading.
EXACTLY the point of this thread. what "other" factors can we find that consistently produce a confluence with one or more levels that we can then test to find the probabilities inherent in this combination. How can we determine WHICH fibo level (or levels) to use to produce the highest probability of a bounce or conversely a break?
Quoting drumdude
{quote} Let me try and illustrate better If we call the yellow lines price, then wouldn't the *fib number/default MT4 tool* look "random and arbitrary where as the tool that is divided only in to the GR. Does that make sense? All I am showing here is something that is understood in "harmonics trading" *price makes exact points that relate to the GR. Harmonic trading also over complicates what is happening. With the tool on the right of the chart it is possible to make any swing high and low on a chart break down in to a GR. {image}

is 50% a GR number?
Quoting iclephantetr
{quote} is 50% a GR number?
No. As far as I understand it the golden ratio is expressed by fibonacci relations, and 0.5 (50%) is not a fibo number.
"To hold, you must first open your hand. Let go." - Lao Tzu
Quoting anilcashtips
{quote} Alternative Fib levels I will Tell You One Thing. First observe the yesterday candle's high and low price and candle opening and closing. Second Observe the candle color I mean bull or bear candle. Third If it Bull candle then observe the upper wick of the candle. if the upper wick is low and it seems 10% of the total candle size, then today you take the trade at 25% level of the previous days candle.(I mean just come down 25% from the Yesterday candle's High Price) and put the take profits 25% above of the yesterdays high price. Then see...
Oh, and just remembered I've tested this idea soon after hearing about it. It's no better than chance.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • Post #86
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  • Last Post: Feb 11, 2014 1:04am Feb 11, 2014 1:04am
How many times need it be said.
You don't need to attempt to draw fibs

PIVOTS !!!! are easier

See ????
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When the Joker is in the deck.. fear not and play it well
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