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Help drawing Fibos

  • #1
  • First Post: Jul 27, 2015 5:10am Jul 27, 2015 5:10am
Good day everybody ,

first of all i don't know weather this thread should be in rookie talk or stays here in trading discussion

i have two charts , i tried drawing fibos , i'd be glad if you tell me which one is correct

Chart #1
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYDaily.png Size: 45 KB


Chart #2
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYDaily_2.png Size: 45 KB



kind regards
  • #2
  • Jul 27, 2015 8:08am Jul 27, 2015 8:08am
Quoting Besada
Good day everybody , first of all i don't know weather this thread should be in rookie talk or stays here in trading discussion i have two charts , i tried drawing fibos , i'd be glad if you tell me which one is correct Chart #1 {image} Chart #2 {image} kind regards
Technically, both are draw "correctly" as fib retracements.

e.g in chart #1 - the fibs indicate support levels.

Generally fib retracements are drawn either:
1. left->right from swing low to high and fibs indicate possible support
OR
2. left -> right from swing high to low and fibs indicate possible resistance
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  • #3
  • Jul 27, 2015 8:26am Jul 27, 2015 8:26am
For me chart #2
It never gets easier, you just get better
  • #4
  • Jul 27, 2015 8:33am Jul 27, 2015 8:33am
Quoting Besada
Good day everybody , first of all i don't know weather this thread should be in rookie talk or stays here in trading discussion i have two charts , i tried drawing fibos , i'd be glad if you tell me which one is correct Chart #1 {image} Chart #2 {image} kind regards
I use fibs in conjunction with trend analysis. They are useful to measure the statistically significant retracement levels, and then extension targets. In addition, they can help you find significant support and resistance levels, and can be used as a tool to help you identify turns in the trend. So to answer your question, it depends on what you are measuring and why.
  • #5
  • Aug 7, 2015 8:19am Aug 7, 2015 8:19am
So what ?
no FF guru wants to help mr. Besada about Fibonacci drawing ?
Strength and courage !
  • #6
  • Aug 7, 2015 10:25am Aug 7, 2015 10:25am
Quoting Besada
i have two charts , i tried drawing fibos , i'd be glad if you tell me which one is correct Chart #1 {image} Chart #2 {image} kind regards
Both are correct, but #2 is likely already meaningless at this point since price retraced up almost the entirety of the move down.
  • #7
  • Last Post: Aug 10, 2015 9:10am Aug 10, 2015 9:10am
A small contribution :

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