I am a fairly new user in the Forex “game”, perhaps someone could help me with some questions that I have with Fibonacci levels.
First let me explain what I am trying to do each and every day, and then the questions.
I am only relying on the the following pairs, (EURO/USD, GBP/USD, USD/JPY, USD/CAD) and am willing, initially, to sit in front of the computer all day if I have to. My aim is to reap 30-60 pips a day or to loose 30 or 60 pips a day. So far I have been quite successful with the use of crossing EMAs, Awesome oscillator and Bollinger bands, and I always go with the trend (short or mid term). I start and complete my trades during the day and do not hold any overnight positions. I generally base my decisions with the help of 15min and 5min charts.
Question 1.
I use GFT as my broker and use the Dealbook 360 software. Now on the tools menu for Dealbook there is a tool for Fibonacci retracements, and I know how to use that; but I cannot get the Fibonacci extensions to show up and there does seem to be a tool for that, if someone is familiar with Dealbook360 perhaps they can tell me how to do that.
Question 2.
Since I am basically intraday trading, when I setup my Fibonacci levels, what should I choose as the swing high and the swing low. Some use daily highs and lows of the previous day. Others use the most significant swing ( some say that the swing should be at least 30 pips) Any thoughts on this topic would be greatly appreciated. Also what is a day? Is it a 24 hour period, and what would be the starting and ending times of the day? Does it depend on what currency you are trading or where you are located.
Question 3.
Finally, can anyone suggest a book or any material which deals with Fibonacci levels specifically for short term trading.
I look forward to all your responses, regardless what your views may be on the topics discussed
First let me explain what I am trying to do each and every day, and then the questions.
I am only relying on the the following pairs, (EURO/USD, GBP/USD, USD/JPY, USD/CAD) and am willing, initially, to sit in front of the computer all day if I have to. My aim is to reap 30-60 pips a day or to loose 30 or 60 pips a day. So far I have been quite successful with the use of crossing EMAs, Awesome oscillator and Bollinger bands, and I always go with the trend (short or mid term). I start and complete my trades during the day and do not hold any overnight positions. I generally base my decisions with the help of 15min and 5min charts.
Question 1.
I use GFT as my broker and use the Dealbook 360 software. Now on the tools menu for Dealbook there is a tool for Fibonacci retracements, and I know how to use that; but I cannot get the Fibonacci extensions to show up and there does seem to be a tool for that, if someone is familiar with Dealbook360 perhaps they can tell me how to do that.
Question 2.
Since I am basically intraday trading, when I setup my Fibonacci levels, what should I choose as the swing high and the swing low. Some use daily highs and lows of the previous day. Others use the most significant swing ( some say that the swing should be at least 30 pips) Any thoughts on this topic would be greatly appreciated. Also what is a day? Is it a 24 hour period, and what would be the starting and ending times of the day? Does it depend on what currency you are trading or where you are located.
Question 3.
Finally, can anyone suggest a book or any material which deals with Fibonacci levels specifically for short term trading.
I look forward to all your responses, regardless what your views may be on the topics discussed
