TheBramble
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CJ - I don't worry too much about the little boys...
They are a spent force.
They are a spent force.
c6ackp
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Alice
Would that be Sandy Jadeja by any chance? I know he's a fib specialist - I attended one of his freebie courses at Finspreads HQ - interesting stuff.
I recently switched (almost) all my indicators *off* as I realised that most of them were just noise (for me, that is). I wouldn't give up fib analysis though.
However, I'm sure there are hundreds of different ways to make money from the markets. Unfortunately, there are also millions of ways to lose!
Maybe it's what you do, not the way that you do it, after all
Would that be Sandy Jadeja by any chance? I know he's a fib specialist - I attended one of his freebie courses at Finspreads HQ - interesting stuff.
I recently switched (almost) all my indicators *off* as I realised that most of them were just noise (for me, that is). I wouldn't give up fib analysis though.
However, I'm sure there are hundreds of different ways to make money from the markets. Unfortunately, there are also millions of ways to lose!
Maybe it's what you do, not the way that you do it, after all
Salty Gibbon
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c6ackp
How many indicators were you using before ?
How many indicators were you using before ?
c6ackp
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Salty
I wasn't an indicator junky, by any means. I've probably only really used around 8 different indicators in earnest. Some charting packages now offer 120+ indicators! Part of the reason that I switched the indicators off (macd, rsi, etc.) was that I wanted more space on the screen to focus on the price. At the same time I realised that the *lower* indicators weren't providing any extra value to my strategies.
Regards
c6
I wasn't an indicator junky, by any means. I've probably only really used around 8 different indicators in earnest. Some charting packages now offer 120+ indicators! Part of the reason that I switched the indicators off (macd, rsi, etc.) was that I wanted more space on the screen to focus on the price. At the same time I realised that the *lower* indicators weren't providing any extra value to my strategies.
Regards
c6
Dont know if anyone else has posted this but IMO its a mistake to focus on just one fib level...if they work at all then they work much better where there is a 'cluster' or confluence of levels from different thrust points....Robert Miners work and Joe Dinapoli both point to this and IMO and in agreement with Dinapoli the 618 and 382 levels work best ...it always makes me smile to see people placing bets on a single fib level holding they'd just as well flip a coin ..the odds of it working would be just the same and when it does they think how great fibs are and how clever they are too !
Hi All
Here is a little tip to enhance your MT4 in-built fibonacci drawing too and therefore make it more understandable and profitable hopefully. Here is how you should do the little tweak...
First draw a fibonacci line then right click and edit the fibo levels. Delete all of them and add these 1 by 1...
0 BUY@ %$
0.382 38.2
0.5 %$ - 50.0
0.618 61.8
1 Sell@ %$
0.764 76.4
1.382 Target1 138 = %$
-0.382 Target1 138 = %$
-0.618 Target2 162 = %$
1.618 Target2 162 = %$
2 Target3 200 = %$
-1 Target3 200 = %$
2.382 Target4 238 = %$
-1.382 Target4 238 = %$
-1.618 Target5 262 = %$
2.618 Target5 262 = %$
Thats all you got to do, from now on, each time you will draw a new fibo, these levels will appear and hopefully, you will like it much better than the default settings. I do not know if you will find it interesting guys but for me, its definitely something which has some value. Especially if you are not well-versed in fibonacci studies and you use it as u feel to.
Here is a little tip to enhance your MT4 in-built fibonacci drawing too and therefore make it more understandable and profitable hopefully. Here is how you should do the little tweak...
First draw a fibonacci line then right click and edit the fibo levels. Delete all of them and add these 1 by 1...
0 BUY@ %$
0.382 38.2
0.5 %$ - 50.0
0.618 61.8
1 Sell@ %$
0.764 76.4
1.382 Target1 138 = %$
-0.382 Target1 138 = %$
-0.618 Target2 162 = %$
1.618 Target2 162 = %$
2 Target3 200 = %$
-1 Target3 200 = %$
2.382 Target4 238 = %$
-1.382 Target4 238 = %$
-1.618 Target5 262 = %$
2.618 Target5 262 = %$
Thats all you got to do, from now on, each time you will draw a new fibo, these levels will appear and hopefully, you will like it much better than the default settings. I do not know if you will find it interesting guys but for me, its definitely something which has some value. Especially if you are not well-versed in fibonacci studies and you use it as u feel to.
fantastic4
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rithish, no I wouldn't use fib lines by themselves. Fibs are areas to expect support or resistance, but you need to be reading into other things as well. I mainly use the 50 - 61 zone, ambush zone, for my fib trades. For example, if I were bullish and price began to pullback, I would buy a pullback to the 50 area.
Or if I'm in a trade and there's not an obvious resistance line then I will use fibs to find a target price. For me the most useful is the 50 and sometimes the 38. I usually delete all line except the 50 and 61. This zone is the decision zone in my opinion. The place where price is going to make a stand in one direction or the other.
Or if I'm in a trade and there's not an obvious resistance line then I will use fibs to find a target price. For me the most useful is the 50 and sometimes the 38. I usually delete all line except the 50 and 61. This zone is the decision zone in my opinion. The place where price is going to make a stand in one direction or the other.
