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What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

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Fibonacci Indicator? Is it a big Joke?

  • #261
  • Edited 9:40pm Aug 23, 2016 9:29pm | Edited 9:40pm
Fibonacci levels do work. That's why so many people use them. Even if they are self fulfilling, fact is it worked to begin with (which was why people started using it). Maybe the author is drawing them back to front?

Also worth noting it's not an indicator as such but an analytical tool - but from what I've seen it is a lot more reliable than many/most indicators. 61.8 and 78.6 reversals occur all the time (50% too, but that is not derived from Fibonacci sequence).

USDCAD topped at the 78.6 of the multiyear range in February - Fibonacci PA traders were predicting a top there one month prior. They were spot on. Simple as that.

Just hindsight? This guy has done some blogs for Vantage FX in the past but this call was on his Tradingview weeks before the top: 'Monthly close above 61.8 Targets 78.6' https://www.tradingview.com/chart/US...s-78-6-1-4660/
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  • #262
  • Aug 24, 2016 7:11am Aug 24, 2016 7:11am
Quoting Prochartist
When i ask a forex trader who use fibo indicators to prove that they work and to show a statement with explanation about fibo indicators all run away. when i ask a forex trader who use fibo indicators to explain the past moves on charts all become very smart ... it prove my point of view fibo is a big lie
You dont know how to use fibos fullstop.
A Big Lie ? If that's what you believe, then it must be true for you.
You will find proof of only what you want to believe.

Fibos is a measurement tool, it will give you reasonably accurate estimate of where price is likely to reverse and where it could extend/project to.
Use it as a part of your trading strategy, with proper testing you should be able to use it not only for entry, but also for stoplosss & TP placement.

I dont like moving averages, but many traders swear by them, do I ask for proof ? - each to their own.
I dont have the time or inclination to teach someone who has a closed mind.
It never gets easier, you just get better
  • #263
  • Apr 29, 2023 1:19am Apr 29, 2023 1:19am
I don't know how to use Fibonacci but it's show great S&R..
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  • #264
  • Apr 29, 2023 4:09am Apr 29, 2023 4:09am
Quoting alon2kelakon
I don't know how to use Fibonacci but it's show great S&R.. {image}
working with arcs need correct angle ("scale" in MT platform)
angle=price range/time(number of bars)
in GU case, wave price range was 645 pips, wave time was 195 bars. 645/195=3.307=33.07
blue box is the measurement followed by results.

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cheers,
"the public is not yet ready for it" W.D. GANN
  • #265
  • May 7, 2023 1:13am May 7, 2023 1:13am
Quoting Kwt4x
{quote} working with arcs need correct angle ("scale" in MT platform) angle=price range/time(number of bars) in GU case, wave price range was 645 pips, wave time was 195 bars. 645/195=3.307=33.07 blue box is the measurement followed by results. {image} cheers,
Thank you for sharing I try using fibo fan and shows great result S&R
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  • #266
  • May 7, 2023 2:11am May 7, 2023 2:11am
Quoting alon2kelakon
{quote} Thank you for sharing I try using fibo fan and shows great result S&R {image}

you're welcome.

Fibonacci and GANN have the same basic rules in measurements. and the point of measurements is to have accurate S/R in the future.
random measuring will not give you that if the starting points are not correct.

you measured a pullback wave against the trend, pullback waves always shorter than direction waves.

a direction wave measurement should look like this

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another type of measurements used by Fibonacci and GANN is period measurements.
for example, measuring a closing week high/low and start/end to get the S/R for the next week

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cheers,
"the public is not yet ready for it" W.D. GANN
  • #267
  • May 7, 2023 3:17am May 7, 2023 3:17am
Quoting thelws
haha it is so funny. haha. haha same reason why people use round numbers. haha does price haha respect haha it? haha. same reason people respect support and resistance haha. does price care about what you think? he laughs at you haha. but because a lot of people believe it then it becomes a self fulfilling prophecy. hahahaha. if my account was large enough to move the markets, and i belive in fibonacci then it works. I dictate how prices move after all so what I think is the right thing. Haha.
Haha.
All you touch and all you see, is all your life will ever be.
  • #268
  • Last Post: May 15, 2023 8:29am May 15, 2023 8:29am
Combine Fibonacci and hit a large frame, but you have to be firm, sometimes near the sl handle, it's okay because of the Asian session, the whole sweep and then go in the right direction
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