DislikedNice to see your here Islander, I have read many of your posts.
Seems to be the current major issue is the correct placement of Fibs.
I know that many different Fib placements as long as placed correctly will tell the same story, but can you shed some light on your thought process?Ignored
Please remember that my trading is focused on taking a consistent 50 to 100 pips a day, during a limited time period around the Frankfurt and London Opens, by trading cable and sometimes euro....
Also, my use of fibs is almost exclusively for retracements and entries in what I long ago called the Decision Zone - 38% to 61%.
In addition, I use fibs as a tool for high-lighting a zone in which I will then focus on a an objective "level"....prior S/R, Pivot or Sweet Spot.
So this morning, before FO, I pulled my fib on the 15 min chart across the latest action - yesterdays total range was almost identical and then focused on the Price Action within the Decision Zone. I published my resulatant thoughts / signals elsewhere in real time.
I actually use the 5 min and 1 min charts for my trading and they do have pivots, sweet spots and a couple of MAs - again well published elsewhere.
As soon as I suspect there is a retrace I will consider pulling a 5m or 1 min fib across the last move - these days I normally eyeball it as I'm only looking for the known "levels" where I suspect the retrace will halt....then I'm watching the PA around those "levels" and will trade accordingly.
I posted my cleaned up 5 min chart - 'cause I'm rspecting the thread's topic - it showed typical signals and there were plenty of pips to be pirated...
I dont care whether it hit a 138 extension or anywhere near it - or even if it made a break-out......DID I BANK PIPS?....and when I've collected my daily target I'll happily walk away - OK, I'll often leave a partial trade running, especially if PA is suggesting that the move will continue and it will have a wide stop and a large TP set within "a level" that may use a fib extension as a guide, but only if I feel that its achievable within my trading day......that's the way I think and trade.....
Regards
Islander
Trading Levels with WRBs