How well do fibos work? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

does anyone use only fibos and pending orders to trade? 0 replies

Fibos Midnight 2 midnight 3 replies

Zone indicator based Fibos, Pivots, S/R, and GANN? 0 replies

Minimum and Maximum swing sizes for applying Fibos?? 5 replies

Can anyone programme this simple trading pad with fixed fibos 1 reply

Attachments: How well do fibos work?
Exit Attachments

How well do fibos work?

  • #21
  • Aug 17, 2009 10:06am Aug 17, 2009 10:06am
Quoting The Fool
Excellent, thank you my friend, and, btw, welcome to the FF.

I am going to try this on cable (which I have never watched) with a micro-lot come Sunday & let us compare notes here. Hasta la vista.
It is early in the NY session and it appears cable may have reached support for the day at 1.6274, 21 pips below the support level I suggested of 1.6295. I exited my trade at 1.6300. I shorted cable at 1.6435 around midnight cst. My entry price was based on a 38% fib retracement on the move down from 1.6465 to 1.6417. 1.6465 was the last high before 1.6417 (new low). I chose the 38% retracement price because the downtrend was very strong.

Hope this helps. This trading method is not specific to cable. It should work on any pair.
  • #22
  • Aug 17, 2009 11:51am Aug 17, 2009 11:51am
Quoting kniinc
I trade strictly with fibs and they work perfectly every day. Anyone who says they don't work, or are inconsistent, or only can be used to see what happened in the past simply has no idea how to apply fibs to a chart. By the way, it took me six months to figure it out. They predict the future every day. I know from the equity in my trading account and the cash in my bank account. Fibs, if applied proplerly will tell you where to enter the market and where your support and resistance prices are every day.
Pls, do you mind teaching me how to draw the Fibs lines...I think I really am not getting it right.
A missed Money is better than a lost Money
  • #23
  • Aug 17, 2009 3:18pm Aug 17, 2009 3:18pm
Quoting ForexBoy
"Everything works whether it be fibs, trendlines, arbitrarily drawn "fibs", elliot waves, cycles, pivots, patterns, etc. etc. etc."

Is the Fibs tool the best among them?
No.

Nothing is best, they all provide just a stationary point in amazingly dynamic world of forex to view PA movement without being lost. No one tool is effective in all situations, but they all work most of the time (more than 50%). Therefore no one tool takes precedence over the other.

I have no doubt about the above statement, it meets all requirements of logic test.
The Thief of Wall Street
  • #24
  • Last Post: Aug 17, 2009 4:57pm Aug 17, 2009 4:57pm
Quoting kknotty
Pls, do you mind teaching me how to draw the Fibs lines...I think I really am not getting it right.
Please see my earlier post. To be honest, that's the best I can tell you without you sitting down next to me. I live in Dallas, TX. If you have the technology to include a 1hr chart and daily chart for the pair(s) you trade I can tell you where I would draw the lines. That may work.
0 traders viewing now