Fibonacci Trader

Anyone use Fibonacci Trader?
your thoughts in comparison to other charting programs?

I currently am trying to set up... feed, charts, broker, etc.
I have an account with IB and a futures broker, but i want to get into forex. I am likely to close my IB account as i've had some learning issues on it.

What type of feed do you guys get that use FT? prices?

I have FT, but never utilized it... i just traded minis off of qcharts for a few years and esignal for a short time.

I used FT a while back and, while it's good, I think MT4 is superior. Plus it's free.

i've been traying to use this method and it hasnot be working for me.

The best thing to do is post a chart with your fibs drawn on it and we'll have a look.

There might be some basic mistakes you're doing (you won't be alone) that we can discuss.

We might all pick up some help as well.

Let me first start by introducing you to the Fib man himself…Leonard Fibonacci.
Leonard Fibonacci was a famous Italian mathematician, also called a super duper uber geek, who had an “aha!” moment and discovered a simple series of numbers that created ratios describing the natural proportions of things in the universe
The ratios arise from the following number series: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 ……
This series of numbers is derived by starting with 1 followed by 2 and then adding 1 + 2 to get 3, the third number. Then, adding 2 + 3 to get 5, the fourth number, and so on.
After the first few numbers in the sequence, if you measure the ratio of any number to that of the next higher number you get .618. For example, 34 divided by 55 equals 0.618.
If you measure the ratio between alternate numbers you get .382. For example, 34 divided by 89 = 0.382 and that’s as far as into the explanation as we’ll go.
These ratios are called the “golden mean.” Okay that’s enough mumbo jumbo. Even I’m about to fall asleep with all these numbers. I'll just cut to the chase; these are the ratios you have to know:
Fibonacci Retracement Levels
0.236, 0.382, 0.500, 0.618, 0.764
Fibonacci Extension Levels
0, 0.382, 0.618, 1.000, 1.382, 1.618
You won’t really need to know how to calculate all of this. Your charting software will do all the work for you. But it’s always good to be familiar with the basic theory behind the indicator so you’ll have knowledge to impress your date.

Traders use the Fibonacci retracement levels as support and resistance levels. Since so many traders watch these same levels and place buy and sell orders on them to enter trades or place stops, the support and resistance levels become a self-fulfilling expectation.
Traders use the Fibonacci extension levels as profit taking levels. Again, since so many traders are watching these levels and placing buy and sell orders to take profits, this tool usually works due self-fulfilling expectations.
Most charting software includes both Fibonacci retracement levels and extension level tools. In order to apply Fibonacci levels to your charts, you’ll need to identify Swing High and Swing Low points.
A Swing High is a candlestick with at least two lower highs on both the left and right of itself.
A Swing Low is a candlestick with at least two higher lows on both the left and right of itself.
Let's take a closer look at Fibonacci retracement levels...

In an uptrend, the general idea is to go long the market on a retracement to a Fibonacci support level. In order to find the retracement levels, you would click on a significant Swing Low and drag the cursor to the most recent Swing High. This will display each of the Retracement Levels showing both the ratio and corresponding price level.
Fibonacci retracement levels are 0.236, 0.382, 0.500, 0.618, 0.764
Traders use the Fibonacci retracement levels as support and resistance levels. Since so many traders watch these same levels and place buy and sell orders on them to enter trades or place stops, the support and resistance levels become a self-fulfilling expectation.
Fibonacci extension levels are 0, 0.382, 0.618, 1.000, 1.382, 1.618
Traders use the Fibonacci extension levels as profit taking levels. Again, since so many traders are watching these levels and placing buy and sell orders to take profits, this tool usually works due self-fulfilling expectations.
In order to apply Fibonacci levels to your charts, you’ll need to identify Swing High and Swing Low points.
A Swing High is a candlestick with at least two lower highs on both the left and right of itself.
A Swing Low is a candlestick with at least two higher lows on both the left and right of itself.

Funny thing this was bumped up, my friend who has an interest in trading wanted me to explain this to him. This thread does a better understanding, especially since i'm still getting used to mt4, fib trader, and fxcm demo charts.

I can't figure how to draw a line from point a to point b on mt4, wtf? i can make trendlines, horizontal lines, verticals, etc... but line from point a to point b which i use to connect swing points.
man this relearning software is poop.