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Fibonacci is like a guessing game

  • #21
  • Mar 14, 2012 4:53pm Mar 14, 2012 4:53pm
Quoting pipmutt
161.8% is the target isn't it? Can you see 161.8% on my chart?

Of course 50% will be in the same place, it's a matter of drawing them correctly though, and having your chart make sense, kinda important when you're trying to advise and show others! All you've succeeded in doing is showing that you don't really understand what you're drawing!

Hey have it your way, it's not my cred at stake!


Too funny.....
This has to be the funniest thread I have come across today, thanks pips for the laughs. On fib, it is not what you would term as a trader's best pal but then again, no indicator is. Yes, when it comes to using the fib, you need to put in some grunt work, figure out how it works and for god's sake, draw the charts the right way up..
saving the charts for er..future ref!
Nice day, all..
  • #22
  • Mar 14, 2012 5:07pm Mar 14, 2012 5:07pm
Quoting Forexnuts

On fib, it is not what you would term as a trader's best pal but then again, no indicator is.
You want to try the time extensions, they're a real blast....not!


Quoting Forexnuts

Nice day, all..
You too!
  • #23
  • Mar 14, 2012 5:14pm Mar 14, 2012 5:14pm
Quoting MrBurns

I like to use fibs, but i have noticed you need to have the bigger picture from your higher timeframes for them to work well but when they do work well they work AMAZING.... n dont use them against the trend etc
Trading the extensions against the trend (ie reversing the trade) can be quite profitable, deciding on a suitable place to put a stop can be a bit of a problem sometimes though!

Natural ebb and flow or self fulfilling prophesy.....who can really say! Mystical or what!
  • #24
  • Mar 15, 2012 10:11am Mar 15, 2012 10:11am
Quoting Forexnuts
This has to be the funniest thread I have come across today, thanks pips for the laughs. On fib, it is not what you would term as a trader's best pal but then again, no indicator is. Yes, when it comes to using the fib, you need to put in some grunt work, figure out how it works and for god's sake, draw the charts the right way up..
saving the charts for er..future ref!
Nice day, all..

Hi Forexnuts,perhaps you'd like this chart for future ref as well.
Like i already said i'm only interested in the 50%,i've taken out
the other levels just for you mate.
Blimey,i lost a vouch for not explaining myself clearly,never mind.
Attached Image (click to enlarge)
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You can remain irrational longer than you can remain solvent.
  • #25
  • Edited Mar 16, 2012 3:29am Mar 15, 2012 12:04pm | Edited Mar 16, 2012 3:29am
Ok,TP filled at 3095 on the runner so
thats 94 pips from the 3 range trades
and the break out trade.
Nice day,all.
You can remain irrational longer than you can remain solvent.
  • #26
  • Mar 15, 2012 12:19pm Mar 15, 2012 12:19pm
Quoting jezek5
Ok,TP filled at 3195 on the runner so
thats 94 pips from the 3 range trades
and the break out trade.
Nice day,all.
no one cares. this isn't a journal.
Congratulations ScalaFX for coming out of the closet!
  • #27
  • Mar 16, 2012 3:59am Mar 16, 2012 3:59am
Quoting tomplank
Hey,

how do you work with fibonacci indicators?
In my opinion Fibonacci is like a guessing game.

tomplank,

Here are two threads you may find interesting...

http://www.forexfactory.com/showthread.php?t=50767

http://www.forexfactory.com/showthread.php?t=60272

These threads present a unique methodology using Fibs....I hope this helps.

God Bless,
Mikali
  • #28
  • Mar 16, 2012 4:02am Mar 16, 2012 4:02am
Quoting Mikali
tomplank,

Here are two threads you may find interesting...

http://www.forexfactory.com/showthread.php?t=50767

http://www.forexfactory.com/showthread.php?t=60272

These threads present a unique methodology using Fibs....I hope this helps.

God Bless,
Mikali
skunny.......

ROFL!!!!!!!!!!!!
Congratulations ScalaFX for coming out of the closet!
  • #29
  • Mar 16, 2012 11:23am Mar 16, 2012 11:23am
Quoting Mikali

These threads present a unique methodology using Fibs
Unique? How so?
  • #30
  • Mar 17, 2012 5:16am Mar 17, 2012 5:16am
Quoting jezek5
Hi Forexnuts,perhaps you'd like this chart for future ref as well.
Like i already said i'm only interested in the 50%,i've taken out
the other levels just for you mate.
Blimey,i lost a vouch for not explaining myself clearly,never mind.
Don't take this the wrong way, I got the gist and am sure that pipmutts got it as well - but am sure that newbies are going to be scratchin' all relevant and irrelevant parts of their body trying to decipher the charts.
But hey, thanks for the charts and will review it later on..
Have a great weekend all
  • #31
  • Mar 20, 2012 6:56am Mar 20, 2012 6:56am
I think its awesome. Having said, i personally wouldn't enter and exit just from the levels. Id tie it up with a SR from a shorter timeframe.

In my mild experience with them (im a short term trader), they work great on the hourly charts. On the 5 min charts.. well, there's a somewhat reasonable chance that the market will pause at the levels. Whether they cause a retracement, consolidation or continuation at these prices is not precise.

Still.. i haven't tried trading off the hourly charts though, so may be worth a shot Im also suspecting, the larger the trend the better.
  • #32
  • Mar 20, 2012 8:35am Mar 20, 2012 8:35am
thats because the usage of it by most is by using so little of its potential.

potential= $$$$$$$$$$$
Most use : $

look further than the retrcement ratios themselves.
Have I got something on my face, SOLDIER?
  • #33
  • Mar 21, 2012 5:00am Mar 21, 2012 5:00am
Quoting tomplank
Hey,

how do you work with fibonacci indicators?
In my opinion Fibonacci is like a guessing game.
Retailers use fibs. They're just magic numbers. The only "Fibonacci" # worth while is 50% retracement of a clear one-way market.

I like when people say "50% fibonacci" though instead of just 50%.lol
  • #34
  • Mar 22, 2012 10:51am Mar 22, 2012 10:51am
Yup! A 50% retracement sounds so good..wish that would happen just when I am in the point of opening a trade..
  • #35
  • Mar 25, 2012 4:24pm Mar 25, 2012 4:24pm
Can't believe the title of this thread - I've been using the fib retracement levels to calculate stop levels for years!
  • #36
  • Apr 11, 2012 5:05am Apr 11, 2012 5:05am
Just to add for those of you who do not know. Fibonacci is extremely good indicator when combined with Elliot Waves!

Best of wishes!
  • #37
  • Apr 11, 2012 7:00am Apr 11, 2012 7:00am
What I am always wondering about Fibonacci is why people ever started using this indicator. If you just think logical about it, it is (in my opinion) really absurd to think that people have some sort of tention in there brains to reverse at the 61.8% retracement zone. People really are not close to being so static and predictible. Just because someone discovered this ratio comes back in nature (ofcourse it is take any ratio and look for it and you shall find!) really doesnt mean that it can be used in trading.

But now people are primarly saying that they work because everybody looks at them. How can people doing the same thing ever work in your advantage, it just means that you will get problems with your order fillings if to much people are doing the same thing. Not really an advantage as I may say.

But I see it work, so your wrong! Many say, but the problem here is that your brains are programmed to see patterns in choas. If you put random lines on the chart you also will see the price interact with it, because your brains want logic. The only way I use Fibonacci myself is just for measering if the price has retraced atleast 50% so the odds are getting in my favor. So I'm not saying markets are totally random, I'm just saying Fibonacci isn't the right tool to analyse it with.

Just my look on Fibonacci!
  • #38
  • Apr 11, 2012 7:38am Apr 11, 2012 7:38am
Just found out why Fibonacci should work: In nature, the spiral of seeds in a sunflower are exactly ordered in Fibonacci sequence.

That should counter al arguments against Fibonacci
  • #39
  • Apr 11, 2012 11:24am Apr 11, 2012 11:24am
I'm interested what is the difference between Fibonacci lines, channels and arcs? When you put them on graphic they show the same result. What's the point of all of them?
  • #40
  • Apr 13, 2012 12:04pm Apr 13, 2012 12:04pm
fibs are like magic number. anybody can explain how to use fib arc?
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