Fibonacci Projections

i got new software and they sales guy stressed the fact that they have fibonacci projections. anyone know what they are exactly or used them before? you need 3 points on them instead of two.

sounds like you're using dynamic trader or fibonscci trader(or some derivative)...I use the same methods as well as time(fibo) confluence...


thanks to Mark braun and Carolyn Boroden, I got 90 pips yesterday....great methods

I developing a system which got me over 87 pips yesterday on 1 trade using 1 hour charts simple method....after I backtest the r/r I'll post it...

not really sure what dynamic trend is but what these do is basically create a channel and also support/resistance points. once the channels they create are broken though the results are huge. i mostly use the 30 and 5 though not the hour.

Here's one of Claude's that I made a few Mods to for VT Trader

http://www.forexfactory.com/forexfor...7&postcount=28

Click on the Thread Link in the Top Right Corner of the Screen for the Indicator Post # 29

Fib projections(or expansions) give pretty good targets. You can use them on most trend based trades to take partial profits, move stops etc.

They can also help you to the risk reward aspect of the trade.

A lot of trades will make it successfully to the 100% mark (non-fib number) and that last little spurt past that point often reaches up to fib level, or a little over.

Out of curiousity what timeframe do you guys use to draw the fibs? i mostly use the 5minute.

I've had success using them mainly on 60m TF and Dailies over the last year or so.

: ) Thom

If your software needs 3 points to pull the FIB EXT., unfortuneately you have to wait for the retracement.

You use:

1. First end of movement.
2. Second end of movement.
3. Retracement.

On my Meta Trader 4 it figures up the FE 61.8, 100.00, & 161.8 automatically. But when those points are off the screen what calculations do I do to figure them for myself.

Thanks