When drawing Fib's...........

..........on markets such as the FTSE, where the SB's 'create' their own out-of-hours market based upon futures;
Should I draw them to the day's 'official' open and close, or to the 'in-official-hours' highs and lows, or to points which incorporate the SB's out-of-hours price movements.
I'm confused-help!!!
Thanks in advance!

Interceptor said:

..........on markets such as the FTSE, where the SB's 'create' their own out-of-hours market based upon futures;
Should I draw them to the day's 'official' open and close, or to the 'in-official-hours' highs and lows, or to points which incorporate the SB's out-of-hours price movements.
I'm confused-help!!!
Thanks in advance!

Click to expand...

You shouldn't draw them on SB charts at all! These people make their own prices which have nothing to do with the underlying; also, the FTSE100 charts in general have a story on their own, as the LSE usually gives the wrong data.
For example, you'll find that most data providers, who in turn buy the data from the LSE, have the prior day's close and today's open at the same level; this is obviously wrong.
I would suggest using the charts from ADVFN, moneyAM or DigitalLook.com for what you want to do; if you trade intraday then you'll have to subscribe to real time data from either ADVFN or moneyAM, or purchase a trading package (eg., MetaStock, Sharescope, etc...) and a real time subscription.
But do not use the SB firms charting package for trading as the data they provide is nothing more than a work of fiction!
There is a lot posted on this in this forum anyway; I suggest that you read it before you start trading, or it won't take long before you say good bye to your trading capital.

Eduardo.

Thanks for that.
To be honest, it feels a little too cluttered with them on, anyway.