bbmac
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Yeh it's left to right for a swing hi-swing lo, ie a downmove -and conversely- left to right too for a swing lo-swing hi, ie an upmove...and that's the point really, pick the most obvious fractal swing hi-lo's and lo-hi's on the t/f's of significance to you. These will always be to some extent subjective but if you stick to the most significant swings for plotting them you stand the best chance of see-ing what most other market participants are see-ing.
G/L
G/L
Ben, I may be wrong but if you buy Carolyn Borodens book on fibs, that will be all you need. The secret is with fibs, they arent reliable unless used in clusters from different points on the chart and sometimes different timeframes. They now have charts to do that for you. I can help you if you need. There is only one guy better than her IMHO. the rest are just add ons and copy cats.
TIG-Michael
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Hi Benrock,
Check out the work by Scott Carney, also a friend of mine Kevin Loughlin does some pretty amazing analysis using elliott wave and harmonic patterns, check out his blog.
http://www.kevinloughlin.co.uk/
Good luck
Check out the work by Scott Carney, also a friend of mine Kevin Loughlin does some pretty amazing analysis using elliott wave and harmonic patterns, check out his blog.
http://www.kevinloughlin.co.uk/
Good luck
data_editors
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Hello Benrock,
Here's help on Fibonacci - use a screener to show Fibonacci in all its glory. I just came across this stock screener that checks for various Fib levels that the price touched, or touched and reversed ;-
MarketInOut.com - Fibonacci Levels Stock Screener
It also screens on various other parameters such as Price / Volume, Moving Averages, Oscillators,Trend Indicators, Line Studies, Chart Patterns, Channels, Volatility, Relative Strength, Ichimoku, Price Action, Volume, Basic Fundamental, Operating Metrics, Financial Ratios, To Industry Ratios, and Dividend. There is even a section for different investing styles, plus a strategy back-tester. Pretty cool I think!:cheesy:
George A
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Dear Benrock,
What i am about to share with you is STRICKTLY MY OWN finding ,,
Always start with the VERY 1st swing from any major low OR high ( i will base everything here on a 15 mnt chart , and on the major forex pairs,, and the EURO in particular) ,, that range can be as small as 10 or 15 points ,, which is very small to guage the full run,, which can last for up to 3 or 4 days MAX,,,
NOW ,, i use 2 FIBS ,,the extention ( price tool which uses 2 price points ) and the Expansion tool ( the one that uses 3 points or price) ( well,, thats what i call them ),,,
SO ,, as that first range is very small,, then we i look for the extension of that top or low by 200 or 300 % , and then use that as my base. that does NOT have to be a main swing top or bottom BUT often it is . this marker is mathematically running ,, so numbers and ratios are MORE important than visual many of the times .
Before u do that i would load my fib with the following ,, beyond the 0 to 100 ,,, 161.8,, 200 ,,261.8 ,, 300 and so on to around 500 ( not that u will need more than 300%. BUT good practice to see the relationship .
and for the purpose of intra swing trading u will need to add on the expansion ( 2 point tool ) 12.72 and 14.14 which will show as 127.2 and 141.4 ,,, 17.2 is the square root of 161.8 and the 14.14 is the square root of 200 ,, and they really work very nicely .
Like urself ,, i have looked at soooo many ideas and websites talking about FIB ,,and with some great ideas and results ,,, BUT sadly very very few respect it for what it really is ,, and very very few know how to use it to the FULL CAPABILITY that it can deliver,,( i am NOT knocking anyone here , infact many of these places have opened my eyes to many great points ,,and i thank them for the wonderful knowledge they shared,,,,, BUT somehow i was able to see alot more in it than anyone have evenr talked about this wonderful finding,,, and again what i am about to share with you is ONLY my OWN humble opinion ,, and I DO NOT impose it on anyone,, and i would appreciate a hold back on any smart comments from any readers , at the end of it all ,,, we all have our own outlook and views,, so i respect all on that basis .
Bnerock,, for ME ,, in the market analysis field ,, there are many many indicators and tools ,, and there IS FIBONACCI ,,, it is NOT a man made tool and i refuse to call it a tool,, why do i put that way??? ,, well ,, it is the ONLY NATURALLY OCCURING PHENOMENON that call an exact price turning point ( exact meaning within less than 10 points on over a 100 to 300 point ranges which run for up to 3 to 4 days to a top or bottom ,, and many times on intra swing trades on the 15 mnt chart ,, IF not exact ,,,it will be within1 to 2 points max ) ,, again do NOT take what i say for granted,,, test it for urself .
Practice makes perfect they say ???? and i say ,,,, KNOWLEDGE + PRACTICE = EXPERIENCE ,,, combines EXPERIENCE + KNOWLEDGE = SUCCESS.
This is my motto in my conventional business .
MY best advise is,, MAKE IT YOUR BEST FRIEND ,, and NEVER use it as a tool as such ,, it is much much deeper than that in my opinion
I would like to go further deeper into this BUT it will be too long ,, BUT i am more than happy to do so for u later IF u wish so.
I will leave it here with this comment.
Why do we need to use a man made light in a room ,, WHEN the sun is out ?????
Fibonacci is the sunlight in this forext market ,, IF one gets to learn it properly ( atleast thats what it is for ME )
I have tested it on the EURO ,,, GBP/USD ,,, USD/CHF and AUD/USD ,, on 15 mnts and 4 hour charts with an UNBELIEVABLE accuracy,,
I hope this will help u much better with ur outlook on Fibonacci
Cheers,
George
