Useful Fibonacci levels

ZEN archer

Experienced member
1,528 241
Is there a level between 261.8% and 423.6% you find useful? (for eur/usd, eur/jpy, gbp/usd, usd/jpy) Also what are you favourite Fibonacci levels?

Thanks
 

bbmac

Veteren member
3,584 787
This is an impossible question, 1st part - strictly no there isn't, 2nd part - ' favourite ' fib of what move - ie fibs can be very subjective - depending on where you plot them from and to. Having a ' favourite ' level means nothing therefore.....There is anecdotal evidence for eg that candle 'likes' (ie reacts at) the 50% level (ironic as strictly not a fib level) but to my knowledge no empirical evidence exists to substantiate this.) I think there only use is in clusters (potentially) or as part of a confluence of other potential supp/res/sbr/rbs factors and to some extent to guage whether a move/trend is breaking down.

G/L

Is there a level between 261.8% and 423.6% you find useful? (for eur/usd, eur/jpy, gbp/usd, usd/jpy) Also what are you favourite Fibonacci levels?

Thanks
 

ZEN archer

Experienced member
1,528 241
This is an impossible question, 1st part - strictly no there isn't, 2nd part - ' favourite ' fib of what move - ie fibs can be very subjective - depending on where you plot them from and to. Having a ' favourite ' level means nothing therefore.....There is anecdotal evidence for eg that candle 'likes' (ie reacts at) the 50% level (ironic as strictly not a fib level) but to my knowledge no empirical evidence exists to substantiate this.) I think there only use is in clusters (potentially) or as part of a confluence of other potential supp/res/sbr/rbs factors and to some extent to guage whether a move/trend is breaking down.

G/L

I was interested in breakouts - anything above 100%. I've lost that level from my settings (it was 300 something %) - used to use it for partial profit taking when it was shooting towards 423.6%
 

bbmac

Veteren member
3,584 787
I was interested in breakouts - anything above 100%. I've lost that level from my settings (it was 300 something %) - used to use it for partial profit taking when it was shooting towards 423.6%

It maybe 323.6% (ie 261.8% + 61.8% ?)

Table below may be useful

G/L
 

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ZEN archer

Experienced member
1,528 241
It maybe 323.6% (ie 261.8% + 61.8% ?)

Table below may be useful

G/L

I've found one example of 300 something on my saved charts - it's 361.8%. Maybe it's not a Fibonacci level and it could be something else (this example is only 4 months old - from a new charting package). Can't find one from a year ago
 

the hare

Senior member
2,949 1,283
I did a lot of work on this, most of the following levels pop up from time to time

262
263
264
265
266
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423

http://textmechanic.com/Generate-List-of-Numbers.html
 

the hare

Senior member
2,949 1,283
I did some work on retrace nets and I found that:

32% can be a good one for retracements,76% can be a good one for retracements,71% can be a good one for retracements,38% can be a good one for retracements,98% can be a good one for retracements,62% can be a good one for retracements,40% can be a good one for retracements,39% can be a good one for retracements,94% can be a good one for retracements,52% can be a good one for retracements,24% can be a good one for retracements,65% can be a good one for retracements,49% can be a good one for retracements,26% can be a good one for retracements,79% can be a good one for retracements,43% can be a good one for retracements,82% can be a good one for retracements,68% can be a good one for retracements,33% can be a good one for retracements,21% can be a good one for retracements,61% can be a good one for retracements,50% can be a good one for retracements,15% can be a good one for retracements,72% can be a good one for retracements,18% can be a good one for retracements,73% can be a good one for retracements,63% can be a good one for retracements,36% can be a good one for retracements,45% can be a good one for retracements,88% can be a good one for retracements,67% can be a good one for retracements,75% can be a good one for retracements,89% can be a good one for retracements,16% can be a good one for retracements,2% can be a good one for retracements,77% can be a good one for retracements,69% can be a good one for retracements,25% can be a good one for retracements,54% can be a good one for retracements,19% can be a good one for retracements,30% can be a good one for retracements,46% can be a good one for retracements,10% can be a good one for retracements,41% can be a good one for retracements,55% can be a good one for retracements,90% can be a good one for retracements,81% can be a good one for retracements,20% can be a good one for retracements,60% can be a good one for retracements,23% can be a good one for retracements,42% can be a good one for retracements,91% can be a good one for retracements,8% can be a good one for retracements,48% can be a good one for retracements,6% can be a good one for retracements,84% can be a good one for retracements,97% can be a good one for retracements,95% can be a good one for retracements,44% can be a good one for retracements,80% can be a good one for retracements,58% can be a good one for retracements,64% can be a good one for retracements,66% can be a good one for retracements,74% can be a good one for retracements,83% can be a good one for retracements,29% can be a good one for retracements,22% can be a good one for retracements,87% can be a good one for retracements,96% can be a good one for retracements,93% can be a good one for retracements,35% can be a good one for retracements,3% can be a good one for retracements,86% can be a good one for retracements,92% can be a good one for retracements,1% can be a good one for retracements,7% can be a good one for retracements,9% can be a good one for retracements,5% can be a good one for retracements,31% can be a good one for retracements,34% can be a good one for retracements,37% can be a good one for retracements,28% can be a good one for retracements,27% can be a good one for retracements,78% can be a good one for retracements,57% can be a good one for retracements,51% can be a good one for retracements,17% can be a good one for retracements,99% can be a good one for retracements,4% can be a good one for retracements,47% can be a good one for retracements,11% can be a good one for retracements,100% can be a good one for retracements,56% can be a good one for retracements,59% can be a good one for retracements,12% can be a good one for retracements,53% can be a good one for retracements,14% can be a good one for retracements,85% can be a good one for retracements,70% can be a good one for retracements,13% can be a good one for retracements

Pretty useful, you'd be amazed how many times one of the lines gets hit, to the exact pip as well in many cases
 

bbmac

Veteren member
3,584 787
Hare: You miss the point mate - whilst all you say is undoubtedly true - which fibs are used by more market participants than others and that narrows it down to 4 or or 5 for retracements and probably 3 extensions.

G/L
 
L

Liquid validity

0 0
Hare: You miss the point mate - whilst all you say is undoubtedly true - which fibs are used by more market participants than others and that narrows it down to 4 or or 5 for retracements and probably 3 extensions.

G/L

I don't think he does, what he is driving at in a lulzy way is that fibs like most TA
are actually just a subjective price action crutch.
If that works for you, fine, but that doesn't mean they have any individual statistical value.

Tested in isolation, like most TA they fall apart and have no merit.
What I mean by that, is who uses fibs or any other TA in isolation in a rigid yes / no fashion.
No one.
 
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the hare

Senior member
2,949 1,283
Hare: You miss the point mate - whilst all you say is undoubtedly true - which fibs are used by more market participants than others and that narrows it down to 4 or or 5 for retracements and probably 3 extensions.

G/L

So lets say 8 fib levels 23, 50 (not a fib but used) 61, 76, 100, 161, 261, 423 etc. Most punters here would probably want to add a few more 123 etc

Multiply that by the number of timeframes commonly in use, and commonly used tick charts too, lets say .... 15 but its probably higher in practice

Suddenly you have 15 x 8 levels (120 levels)

That's before we even address how swing highs and lows in each timeframe are determined ! Now we have a list of levels longer than my list !

What I really like about fib traders is that they use levels that aren't even fib numbers !
 

ZEN archer

Experienced member
1,528 241
I did a lot of work on this, most of the following levels pop up from time to time

262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
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Generate List of Sequential Numbers

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ZEN archer

Experienced member
1,528 241
I think there only use is in clusters (potentially) or as part of a confluence of other potential supp/res/sbr/rbs factors and to some extent to guage whether a move/trend is breaking down.

G/L

The extensions give me an idea if there is no sup/res level near by (to guage how far it can go)

BTW One should know how to draw them properly - otherwise they look like random levels
 
Last edited:

bbmac

Veteren member
3,584 787
Absolutely agree - so use them on t/f's where most usres of them trading big money use them if they use them at all....and draw only the 'major swings' on thos t/f's (subjective still I know - but it narrows it down significantly.) Then having done that use them only as potential supp/res factors in clusters and/or as part of a confluence of other widely used potential supp/res factors and suddenly they might be more useful than not. I certainly find them so in this respect but for non users they will never become convinced of such so fair enough but it is simply misleading to dismiss them out of hand as being entirely useless.

Look at 4hr below - you could plot the fibs from points a and b and any of the circled swing hi's all to the lowest point which is c....but really point a and b are the only swing hi's that co-exist as fractal swing hi's on the next higher t/f (in a triple t/f analysis) - the daily t/f too (where some of the fibs are still unbreeched by the move up to yesterday's hi, ie point d was also a fractal swing hi on daily but all fibs to that point were breeched by the run up to yesterday's hi just below it at point e.)

Even given their obvious and undisputed subjectivity - there is an 'intelligent' way to use them and then there are all the other ways !

G/L

So lets say 8 fib levels 23, 50 (not a fib but used) 61, 76, 100, 161, 261, 423 etc. Most punters here would probably want to add a few more 123 etc

Multiply that by the number of timeframes commonly in use, and commonly used tick charts too, lets say .... 15 but its probably higher in practice

Suddenly you have 15 x 8 levels (120 levels)

That's before we even address how swing highs and lows in each timeframe are determined ! Now we have a list of levels longer than my list !

What I really like about fib traders is that they use levels that aren't even fib numbers !
 

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Shakone

Senior member
2,458 665
I don't think he does, what he is driving at in a lulzy way is that fibs like most TA
are actually just a subjective price action crutch.
If that works for you, fine, but that doesn't mean they have any individual statistical value.

Tested in isolation, like most TA they fall apart and have no merit.
What I mean by that, is who uses fibs or any other TA in isolation in a rigid yes / no fashion.
No one.

Is it possible that something with no statistical value when tested on its own, can greatly increase the statistical value overall when combined with something else?
 
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the hare

Senior member
2,949 1,283
Even given their obvious and undisputed subjectivity - there is an 'intelligent' way to use them and then there are all the other ways !

G/L

Agreed, and some very useful guidance in your post for anyone going down the TA route
 
 
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