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Simple & Consistent Fibbing Method
- #1,564
- Jun 23, 2010 5:43pm Jun 23, 2010 5:43pm
- Joined Oct 2007 | Status: Summer is the best time of year! | 1,284 Posts
The first post indicates 3 sets of fibs as follows:
Fib A - For targets of the last swing - this is the bobokus fib or any fib that uses the high and low of the previous day. This sets daily bull and bear targets
Fib B - For entries - this is the breach fib
Fib C - For identifying major Resistance/Support on the last major move. Usually when this move is completed the market will return to test these levels. I take this to mean that for any major swing you would apply a fib, regardless of when the swing occurs.
You could add other fibs as bobokus does, but is you are simply trading intraday, the above 3 fibs should be plenty.
So my questions are these:
1. Does my interpretation of the three fibs match up to how you folks are trading this.
2. There is mention of using 12AM est to 3am est range and use that swing for a fib...if that the first application of Fib C...as a starting point for the day?
3. Are you guys moving Fib C around during the day....or is it intended to be bigger timeframe swings, and therefore moved less often.
My reason for clarification is so that i might post something that is consistent with the intended approach, rather that my own thing.
I have been preoccupied with a personal issue and hope to resume trading soon. I primarily trade with candle patterns form Hi and H4 and support and resistance...but I really like the use of these fibs for intraday targets.
Cheers
CanuckCT
My chart:
Blue arrows are last major swing...final destination met today...this is one of bobokus's fibs.
Yellow arrows are the swing from the prior day and that sould have been on today's chart. I've added 80.9 and 19.1 levels since posting this.
White arrow....the trade for today on rejection of 50% fib
Red arrow is the breach fib
Fib A - For targets of the last swing - this is the bobokus fib or any fib that uses the high and low of the previous day. This sets daily bull and bear targets
Fib B - For entries - this is the breach fib
Fib C - For identifying major Resistance/Support on the last major move. Usually when this move is completed the market will return to test these levels. I take this to mean that for any major swing you would apply a fib, regardless of when the swing occurs.
You could add other fibs as bobokus does, but is you are simply trading intraday, the above 3 fibs should be plenty.
So my questions are these:
1. Does my interpretation of the three fibs match up to how you folks are trading this.
2. There is mention of using 12AM est to 3am est range and use that swing for a fib...if that the first application of Fib C...as a starting point for the day?
3. Are you guys moving Fib C around during the day....or is it intended to be bigger timeframe swings, and therefore moved less often.
My reason for clarification is so that i might post something that is consistent with the intended approach, rather that my own thing.
I have been preoccupied with a personal issue and hope to resume trading soon. I primarily trade with candle patterns form Hi and H4 and support and resistance...but I really like the use of these fibs for intraday targets.
Cheers
CanuckCT
My chart:
Blue arrows are last major swing...final destination met today...this is one of bobokus's fibs.
Yellow arrows are the swing from the prior day and that sould have been on today's chart. I've added 80.9 and 19.1 levels since posting this.
White arrow....the trade for today on rejection of 50% fib
Red arrow is the breach fib
Well yesterday it became obvious to me I wasn't fibbing correctly per Simone's method so I went back thru the initial posts again. And I was really doing it wrong - I was getting needlessly creative with the breach fib 
. But as Johnny Nash once said - I Can See Clearly Now. 
I have summarised the first few posts with charts in the attached document if anyone is interested. It also has a step by step example that Simone put up. Didn't quite get it when I read it the first time but I think now I do. Next few trades should prove if I do...
. But as Johnny Nash once said - I Can See Clearly Now. I have summarised the first few posts with charts in the attached document if anyone is interested. It also has a step by step example that Simone put up. Didn't quite get it when I read it the first time but I think now I do. Next few trades should prove if I do...
Well yesterday it became obvious to me I wasn't fibbing correctly per Simone's method so I went back thru the initial posts again. And I was really doing it wrong - I was getting needlessly creative with the breach fib
I have summarised the first few posts with charts in the attached document if anyone is interested. It also has a step by step example that Simone put up. Didn't quite get it when I read it the first time but I think now I do. Next few trades should prove if I do...
thanks for this pdf
Well yesterday it became obvious to me I wasn't fibbing correctly per Simone's method so I went back thru the initial posts again. And I was really doing it wrong - I was getting needlessly creative with the breach fib
I have summarised the first few posts with charts in the attached document if anyone is interested. It also has a step by step example that Simone put up. Didn't quite get it when I read it the first time but I think now I do. Next few trades should prove if I do...
Really nice of you making this summary pdf. I hope it can help many people who still in confusion just like me..
Good job
