Are fibs pretty much useless on short TFs (5m, 15m)?

What are your thoughts on this? Fib levels never seem to hold when I trade on such short TFs, primarily the 15m. Maybe I'll just add fibs to the 1-hour/4-hour and trade off the 15m

While I dont use fibs exclusively, they can be very useful as S/R levels and targets when used in combination with other analysis.

I normally draw fibs on hourly and up and then trade from lower time frames using those levels as a guide. The only exception to this is when high impact news hits and the market responds with a large move. In that situation I usually fib the 5 min news candle and look for a news trade using those fib levels. But that is the ONLY case in which I would use a 5 min fib.

See chart below for an example of an hourly fib used for 5min trading.



Just my 2 cents.

-fighter-

Hi I m new here , Avl can you post some picture so I can learn how do you put fib at 5 min and 15 min , 1 h 4 h d1 tf ,sorry sound bitty desperado , realy like to learn from your writing but cant seeany things . Hope to learn more , where you put , how you draw , where it valid etc , inthe future with your kindest , understanding and leading knowlages of fibo .

Cheers

ccr

hi fighter dude , beautiful fib , how do you put fibo at 1 h ? and how it can be the same fib at 5 min tf . more picture if you dont mind .

Cheers

ccr

when you learn to use fib,you will use fib alone and on all tfs too.
just my 2 cents.

i use fibs even on 1 min and trade binary options with great success. It's a very nice tool but not on it's own. You should use it along other things like s/r.

Thanks for the responses everyone

As with everything else, the higher the timeframe, the more weight it carries. That doesn't mean you have to ignore the lower timeframes - it all depends on what your trading objectives are, but you definitely should never ignore the bigger picture.

Anyhow, timeframes are just a zoom facility. Highs and lows are the same and that's all you need to draw a fib.

I do not think Fibs are useful for anything as they are randomly drawn. I can draw them differently than you because they are drawn between high and low points, but those high and low points could be chosen differently by each individual rendering Fibs useless. Just my 2 cents

You need to learn to read the charts first. Would a scalpel be a useless tool if you are not capable of performing brain surgery with it?

+1

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Hi!

IMHO, Fibo Ret is perfect enough to be used as an execution level determination. Fibo Ret doesn't actually really reach 61.8% at all time for some reason due to over the counter activities that is out of many of us as a retail trader control. Perhaps what you can do is to draw it on the bigger time frame if it does not work on 15 mins to see the bigger and clear picture. You may also want to wait the price to be normal again, creating new Regression Line breakout for divergence and redraw the Fibo Ret again. Hope it'll work.

Have Safe Trading

Cheers!

Yep Fibs are pretty much useless on all time frames for many reasons.

They can easily be applied in hindsight to fit a particular time frame from particular pivots and then it is only near enough correct.

The most popular number is 50% which is not a fib number at all, then we have the double tops and bottoms again nothing to do with Fibs.

Price will most often bounce at 25% levels i.e. 25% 50% 75% 100% 125% and so on none of which are Fib numbers. By applying test lines at each of these levels as the price progresses we can easily see where price begins to struggle.

C'mon dude, google it!

First result is here -> http://forextradingstrategies4u.com/....DSPC0s8a.dpbs

-fighter-

oky docky ..... Woooow ... you mas be got sent , those piccy killer mannnn , monroo pans out nottin to it ,
reday willin to learn more of these stlye of fib who know got more essoterix the one olredy essoterix
many thanks