76.4% VS 78.6% Fibonacci Levels...Which is it? | Page 2 | Forex Factory

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Attachments: 76.4% VS 78.6% Fibonacci Levels...Which is it?
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76.4% VS 78.6% Fibonacci Levels...Which is it?

  • #21
  • Dec 8, 2007 4:51pm Dec 8, 2007 4:51pm
Quoting johnedoe
Why do traders fail??????
Because of nit picky crap like this that just doesn't matter in the end.... just use 25, 50, and 75 and life is grand
Fib numbers are not magic numbers.
It DOES matter. Maybe not if your scalping 1 min charts, but if you are on bigger timeframes the difference can be many pips. Knowing the precise levels is very useful if your system calls for tight stops. Moreover, my entries are often directly on fib levels, so why shouldn't I have the most precise entries possible?

By the way thanks for those links auxesis, I'll definiteley check those out.
  • #22
  • Dec 8, 2007 5:09pm Dec 8, 2007 5:09pm
Quoting 24HourTrader
It DOES matter. Maybe not if your scalping 1 min charts, but if you are on bigger timeframes the difference can be many pips. Knowing the precise levels is very useful if your system calls for tight stops. Moreover, my entries are often directly on fib levels, so why shouldn't I have the most precise entries possible?

By the way thanks for those links auxesis, I'll definiteley check those out.
No it doesn't matter, you use them as a guide .... let the price pass through and catch it on it's way back through the fib, be that up (or down)....there is no such thing as precise in 4x...... and as to your tight stops .... we will happily take your money as the price retraces to your stops and then resumes it's course.
Same Whore .... Different Dress
  • #23
  • Dec 8, 2007 5:46pm Dec 8, 2007 5:46pm
Which is exactly why you want the precise levels. If you are setting your stops some space after the fib level in question, it is beneficial to know what the correct level is. I am not saying I expect price to stop perfectly on it every time. However, it is still much better to know the exact place where price should be starting to turn, so you don't risk more pips than you need to in your stop loss.

In any case, the purpose of this thread is not the value of fib levels in general, it is the question of whether the 76.4 or the 78.6 is better to use. If you think it makes no difference, there is no reason for you to post here.
  • #24
  • Edited 10:39pm Dec 8, 2007 6:24pm | Edited 10:39pm
You are absolutely right since you believe these levels really matter, and that there is some real precision to all this, .... happy trading to ya.......
Same Whore .... Different Dress
  • #25
  • Dec 8, 2007 10:39pm Dec 8, 2007 10:39pm
You also might want to give this thread a look... Why Fib retracements are bullock
Same Whore .... Different Dress
  • #26
  • Dec 9, 2007 12:07pm Dec 9, 2007 12:07pm
johnedoe, just because you can't find use for them that means they're bullocks? Often on the long term charts price will retrace exactly to a fib level so if you want to leave a limit order just ahead of that level with a stop just beyond it you need to be precise. Take a look at a monthly GBP/USD chart and the recent high and you might appreciate how important the question is.
  • #27
  • Dec 9, 2007 12:43pm Dec 9, 2007 12:43pm
I personally did not say they are Bullocks, I even use them from time to time, but loosely all I am saying is use them as guide lines NOT precise lines, there are many variables involved, starting with the individuals and the point he/she chooses to start there lines from.
This is fx not swiss watch making....
as to using them .... let the price pass through the fib and then catch it as it retraces back through. If it comes back.
Same Whore .... Different Dress
  • #28
  • Dec 9, 2007 1:35pm Dec 9, 2007 1:35pm
That's the whole point. Often they are precise and price won't pass through them but will touch the fib then reverse. You shouldn't think that your way of trading is the only (or even the best) way.
  • #29
  • Aug 1, 2014 12:53am Aug 1, 2014 12:53am
I added Fibonacci levels 78.6%, 88.6% & 127.2% to an existing MT4 fibonacci retracement indicator. I really like the automatic-ness of this existing Fib indicator.

I would also like another version that basically flips the results in order to first look at retracements going in one direction, then using a new indicator to look at extensions going in the opposite direction.
Attached File(s)
File Type: mq4 XIT_FIBS.mq4   5 KB | 1,108 downloads
  • #30
  • Edited 10:42pm Aug 1, 2014 6:40pm | Edited 10:42pm
figured out how to flip the Fibonacci retracement so that traders can also look at Fibonacci extensions that oppose their directly related retracements—but I end up with two separate indicators. it would be good to have a checkbox which would allow users to flip the retracement result on the fly.

and if anyone has a use for that modified XIT_FIBS indicator, I can customize it based on a specified set of Fibonacci percentages—name your set.

 

  1. 0.0%
  2. 23.6%
  3. 38.2%
  4. 50.0%
  5. 61.8%
  6. 70.7%
  7. 78.6%
  8. 88.6%
  9. 100%
  10. 127.2%
  11. 141.4%
  12. 161.8%.


0.500 is not a valid Fibonacci factor, but it is directly related to two key Fib factors in trading: 0.382 and 0.618—which both happen to average out to 0.500. they are also both 0.118 away from 0.500. based upon that, 0.500 earns a right to exist among such exalted Fibonacci factors.

one more thing: in MT4's Fibo properties, in the Fibo Levels tab, users can use a wildcard character to display the price that directly relates to its Fibo level. for example, by entering 78.6 --> %$ the Fibo line will display something like 78.6 --> 1.33826

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot-XIT01.png Size: 21 KB
  • #31
  • Jul 26, 2016 12:00pm Jul 26, 2016 12:00pm
I was trying to figure out the relation between the numbers in the sequence to see where the 76.4 level was calculated.
it turns out the 76.4% level is derived as follows.
With A,B,C and D being any four successive numbers in the Fib sequence, [(D-A)/D] x100=76.4
  • #32
  • Dec 23, 2016 9:43am Dec 23, 2016 9:43am
hi any one is there..... i want the set of fibonacci percents.... 0, 23.6, 38.2, 50, 61.8, 78.6, 100, 127.2, 141.4, 161.8 and only 261.8 and 423.6 only or any other inclusive levels after 100 ..
please any one suggest me
Success is a Journey Not a Destination....... kind regards ramzam
  • #33
  • May 6, 2019 11:06pm May 6, 2019 11:06pm
Quoting sam1
Coincidentally, I was asked on how to use fibo levels on the hedge thread. And I just taught him about the 76.4 level. Here is a perfect example of the recent 76.4% retrace in eur/chf daily chart: {image} 3 wicks passed the 76.4% level but none of the bars closed below it. I never heard of 78.6% level, can't comment on that.
son.... that's a 78.6
  • #34
  • Mar 7, 2020 6:29am Mar 7, 2020 6:29am
Quoting nick3499
figured out how to flip the Fibonacci retracement so that traders can also look at Fibonacci extensions that oppose their directly related retracements—but I end up with two separate indicators. it would be good to have a checkbox which would allow users to flip the retracement result on the fly. and if anyone has a use for that modified XIT_FIBS indicator, I can customize it based on a specified set of Fibonacci percentages—name your set. 0.0% 23.6% 38.2% 50.0% 61.8% 70.7% 78.6% 88.6% 100% 127.2% 141.4% 161.8%. 0.500 is not a valid Fibonacci factor,...
The part about the wild card character was neat! Thank you!
  • #35
  • Apr 21, 2022 5:27pm Apr 21, 2022 5:27pm

  1. 127.2%

???
??
?

each day 10%,,,, https://www.forexfactory.com/thread/1371538
  • #36
  • Apr 23, 2022 12:17pm Apr 23, 2022 12:17pm
The only fib number that matters is 0.5, that's the most key level. You can also add 0.6 or 0.618 as well and that zone between 0.5 and 0.6(18) is what you need to pay attention to. It will either reverse or go through it and you can plan your trades accordingly.
  • #37
  • Apr 24, 2022 4:00am Apr 24, 2022 4:00am
Quoting trickshady
The only fib number that matters is 0.5, that's the most key level. You can also add 0.6 or 0.618 as well and that zone between 0.5 and 0.6(18) is what you need to pay attention to. It will either reverse or go through it and you can plan your trades accordingly.

Why do Fibonacci levels work? Is it because some other traders pay attention to it or it's a kind of magic bizarre property of the price to bounce from that levels?
  • #38
  • Apr 27, 2022 12:45am Apr 27, 2022 12:45am
Quoting pizd0s
{quote} Why do Fibonacci levels work? Is it because some other traders pay attention to it or it's a kind of magic bizarre property of the price to bounce from that levels?
They don't work. There is something else about the 0.5 level which has nothing to do with fib numbers. It just so happens that it can be drawn with the fib tool.
  • #39
  • Apr 27, 2022 12:54am Apr 27, 2022 12:54am
Decent guide to fib numbers here:

https://www.for-exe.com/fibonacci-numbers.html
  • #40
  • Last Post: Apr 27, 2022 7:23am Apr 27, 2022 7:23am
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