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Fibonacci setup plotting

  • #1
  • First Post: Mar 6, 2018 10:01pm Mar 6, 2018 10:01pm
Anyone knows if it is correct to draw a fibonacci retracement from point 6 (highest wick) to point 1 (lowest wick), and be valid? Also, from what point to what point can you draw a fibonacci retracement on this chart?

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  • #2
  • Mar 6, 2018 11:29pm Mar 6, 2018 11:29pm
Quoting zOrO2kX
Anyone knows if it is correct to draw a fibonacci retracement from point 6 (highest wick) to point 1 (lowest wick), and be valid? Also, from what point to what point can you draw a fibonacci retracement on this chart? {image}
I mainly count 23, 50 & 61 levels of fibo; whatever the time frame it is.
  • #3
  • Mar 7, 2018 12:30am Mar 7, 2018 12:30am
Quoting zOrO2kX
Anyone knows if it is correct to draw a fibonacci retracement from point 6 (highest wick) to point 1 (lowest wick), and be valid? Also, from what point to what point can you draw a fibonacci retracement on this chart? {image}
i would say 1 to 6,in one given page you pick highest and lowest points,do not zoom in or out LOL.
  • #4
  • Mar 7, 2018 12:35am Mar 7, 2018 12:35am
Quoting Majeeda
{quote} I mainly count 23, 50 & 61 levels of fibo; whatever the time frame it is.
All the levels has got its own story from 11 to 78 level(profit taking zones) but usually 38,50 and 61 are the retracement zones.i have lot of respect for this indicator because it follows the mother nature.
  • #5
  • Mar 7, 2018 1:28am Mar 7, 2018 1:28am
Quoting zOrO2kX
Anyone knows if it is correct to draw a fibonacci retracement from point 6 (highest wick) to point 1 (lowest wick), and be valid? Also, from what point to what point can you draw a fibonacci retracement on this chart? {image}
if you are measuring the up trend then bottom to top of the same wave. so 1-2,3-4, 5-6
Its all just one persons opinion
  • #6
  • Mar 7, 2018 10:15am Mar 7, 2018 10:15am
I'm back to square 1. It seems that it is valid to draw from point 1 to 6 and from 1-2,3-4,5-6.
  • #7
  • Mar 7, 2018 12:04pm Mar 7, 2018 12:04pm
Hi

Tray use this auto Fibo trend tools

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File Type: rar AutoFibAutoTrend.rar   < 1 KB | 362 downloads
[email protected] om
  • #8
  • Mar 7, 2018 7:05pm Mar 7, 2018 7:05pm
It's really a very simple question. It seems that nobody is unable to answer this, since some traders think the correct way is to draw the fib retracement from points 1-6 and other traders think the correct way is from 1-2,3-4,5-6.

I'll do a some research on another Forex Sites and luckily find the answer.
  • #9
  • Last Post: Mar 7, 2018 7:27pm Mar 7, 2018 7:27pm
Quoting zOrO2kX
It's really a very simple question. It seems that nobody is unable to answer this, since some traders think the correct way is to draw the fib retracement from points 1-6 and other traders think the correct way is from 1-2,3-4,5-6. I'll do a some research on another Forex Sites and luckily find the answer.
I believe it's not a case that nobody is unable to answer but rather nobody is willing to tell and why should they...Hehe

Cheers
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