DislikedDoes this look like a place someone might draw a fib from which to trade? If so answer yes if not tell me why.Ignored
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DislikedDoes this look like a place someone might draw a fib from which to trade? If so answer yes if not tell me why.Ignored
DislikedMy thought is no because the up move before the fib was the master fib to watch for before that one was drawn, and the master's high was broken so I'd be watching for the completion of that bigger fib, OR if price was consolidating within the big up move in the meantime, I'd draw a fib within there perhaps to monitor while waiting for the big up move to get back in gear...but right now the small down fib and the big up fib are siamese fibs and I'd give priority to the bigger one.Ignored
DislikedDoes this look like a place someone might draw a fib from which to trade? If so answer yes if not tell me why.Ignored
DislikedHi seb123,
very good points you have there. Have the same feeling about the weeklies. Allthough not all pairs react the same to fibs one could use the previous weeks hi/lo but IMHO i feel the same way as you do and i think it is better to fib as short as possible like you did. If the cycle ends at the 138 extention of the weekly range i wouldn't have taken the trade on the 4H TF as it is a more risky trade. In many cases the price would retrace at the 138 and take out your trade on the 4H.
As you stated it worked out very good now. It was stated someware to allways keep an eye on the higher TF and never trade against then. There is just some confusion on where to fib the higher TF. According to Bo, as Mom said, it should be the hi/lo of the previous week. Hope Skunny could shed some light on the issue.
Good work Seb.
2c....
LLIgnored
DislikedMy thought is no because the up move before the fib was the master fib to watch for before that one was drawn, and the master's high was broken so I'd be watching for the completion of that bigger fib, OR if price was consolidating within the big up move in the meantime, I'd draw a fib within there perhaps to monitor while waiting for the big up move to get back in gear...but right now the small down fib and the big up fib are siamese fibs and I'd give priority to the bigger one.Ignored
DislikedDoes this look like a place someone might draw a fib from which to trade? If so answer yes if not tell me why.Ignored