Help needed on Fib numbers

[rustic1]

Help needed on Fib numbers. I use sierra and can figure out how to put them on the chart just do not know where to draw the lines from & to.. Is it the last high & last low, but over what period, how many days, months etc.When i try it on the 10 min it loses all the numbers when I convert it to 1 min so I can use it . Also is it possible to change the colour.

Thanks

Kathy

 

[stevet]

fib no's provide a number of fixed and recognised percentage amounts on which to guage the amount of a move within a range and also extensions of that range - but there is no rule or law about what the high or low you should use on which to base the 0 and 100 percentages of the fibs

could be based on ticks right through to years

and all fib ranges based on mulitiple time scales operate together and/or in unison, and of course together with and/or in unison with all other technical indicators as well at the same time from smas though to trend lines and elliot waves - all also again operating in multiple levels again based on time and the specific parameters of each TA method

but in general it would be accepted that the greater the time period and the greater the range the more valid the levels are that arrived by using fibonnaci or any other TA method

but that is not to say the fibs or other TA based on ticks or mins are not as much as use in trading as those based on months or years - there just is no rule or dead cert

as with most TA, fibs will be found to work somewhat better in hindsight than in foresight relative to trading profitiably

although an already competant and succesful trader can use fibs to compliment their methodology - profitable trading is still mostly dependent on being able to analyse price and volume

 

[Lard42]

Rustic

Just in case you have not found it yet. The line colours can be changed by selecting Graphics Settings - Global, from the Charts menu. You can choose a different colour for each line if need be!

As stevet says these are often great in hindsight. I use them occasionally and take notice of them more when they coincide with other support and resistance lines.

Cheers

Lard

 

[rustic1]

Thanks for your replies i will have a look at that setting


Kathy

 

[Uncle]

I apply Fibonacci to all the charts I use be it intraday or weekly.

I apply the line from the last low close to the most recent recent high close - not necessarily the highest high/lowest close - and it is from those shown on the chart regardless of time scale, for this will depend on what and how you are trading.

John