Fibonacci Trading with Bobokus
Once you get to pulling a fib across that much time and space the only levels that matter are the inner levels, unless you have several months or even years to wait for it to reach those target ranges. So its best when you get out that wide to just keep price in a box of support and resistance levels
Ok, so call this the Daily fib, or the Uprend fib, or Fred fib doesn't matter. On the pic I have attached, I show the last fib to encompass all that follows; it covers a lot of time and space - nearly 2 years.
I have pulled a fib over the latest huge swing and called it my Retracement fib - I have redrawn the base of this several times today alone. Once there is a significant retrace, then this will become the last move to encompass all that follows after. I could just as easily call this a Downtrend - it is pretty large and felt like the price was trending down.
Scaling down to the area I am actually trading, the Intraday, and only one of the Dailt\Uptrend\Fred levels is showing. Only two of the Retracement\Downtrend levels are showing, and one of those is the low of today - this will not show up given a half-way decent recovery in the price.
So, should I be bothering about the longer term picture? Should I simply be pulling a fib over the last huge move on the Daily, calling it The Boss and forgetting about it until one of the levels hoves into view and becomes a bit significant?
In other words, am I getting my knickers into an unnecessary twist?
Bo, I have been wondering about this. From notes I kept on starting to read this thread (my words, a distillation of yours):
- Daily fib: Start with the Daily chart and find the last trend move to encompass all that follows after. Pull the Daily fib there.
Ok, so call this the Daily fib, or the Uprend fib, or Fred fib doesn't matter. On the pic I have attached, I show the last fib to encompass all that follows; it covers a lot of time and space - nearly 2 years.
I have pulled a fib over the latest huge swing and called it my Retracement fib - I have redrawn the base of this several times today alone. Once there is a significant retrace, then this will become the last move to encompass all that follows after. I could just as easily call this a Downtrend - it is pretty large and felt like the price was trending down.
Scaling down to the area I am actually trading, the Intraday, and only one of the Dailt\Uptrend\Fred levels is showing. Only two of the Retracement\Downtrend levels are showing, and one of those is the low of today - this will not show up given a half-way decent recovery in the price.
So, should I be bothering about the longer term picture? Should I simply be pulling a fib over the last huge move on the Daily, calling it The Boss and forgetting about it until one of the levels hoves into view and becomes a bit significant?
In other words, am I getting my knickers into an unnecessary twist?
