I have had 4 mentors during my trading development. One of them just happened to use an 89 tick chart for the shortest entries. Yes it is a Fib number. But nothing really special about it. I do not believe that ANY time frame holds a special advantage over any other. The concept really involves trying to trade with the trend of a larger time frame and find retracements with a smaller time frame. A decent trading plan should work in many markets and many different time frames. Sometimes, like today, a short time frame can be a hindrance and force too many setups (overtrading). When that happens it is best to move to a higher time frame perhaps a 15 minute chart and take entries on the 3 minute time frame. Successfully, Alex L. Wasilewski Co-Founder & Head Trader Trades That Work www.puretick.com 1-877-GOLONG1 (1-877-465-6641)
Thunderdog is correct in my opinion. Some traders want to use Fib numbers as a "holy grail." Of course they will show a perfect example where the price retraces to the 50% level and magically resumes its move. Instead of trading the holy grail it would be better to see "The Da Vinci Code" with Tom Hanks. Successfully, Alex L. Wasilewski Co-Founder & Head Trader Trades That Work www.puretick.com 1-877-GOLONG1 (1-877-465-6641)