Fibonacci levels for intraday trading

Discussion in 'Technical Analysis' started by Hierophante, Jan 26, 2021.

  1. In this thread I'm going to post intraday Fibonacci levels that I'm using for opening positions. Hope that will help.



    GBPUSD - 26/01/2021

    Possible trend : DOWN

    Here are the target Fibo levels :

    N1: 1.3650
    N2: 1.3632
    N3: 1.3603

    My plan is to take some buy orders when the price reaches these levels and take advantage of the rebound ; in the following graph, you can see my levels marked by some green arrows.

    [​IMG]
     
    Last edited: Jan 26, 2021
    murray t turtle and StuMatane-SA like this.
  2. USDCAD - 26/01/2021

    Possible trend : UP

    Here are the target Fibo levels :

    N1: 1.2767
    N2: 1.2792
    N3: 1.2850

    My plan is to take some sell orders when the price reaches these levels and take advantage of the correction ; in the following graph, you can see my levels marked by some red arrows.

    [​IMG]
     
    Last edited: Jan 26, 2021
  3. maxinger

    maxinger

    did you manage to short it about 2 hours ago?
    There was an opportunity / a signal to short it.


    Possible trend : DOWN

    ---->

    TREND : DOWN

    but I doubt it will move much.
     
  4. No I took buy orders at N1 (1.3650) and N2 (1.3632)
     
  5. how you determine the fibonacci range? what is best for it?
     
  6. I've seen only a few entries on ET about Fibonacci... like most traders don't know about it or believe it. (Have even heard the view that Fibonacci is bogus or garbage. If you hear that, don't believe it.)

    Understanding Fibs is more valuable than one might imagine.

    FWIW...
     
  7. SunTrader

    SunTrader

    Your chart pics are teeny tiny and not expanable - not much to be gleamed from.
     
    TraderKohl likes this.
  8. Turveyd

    Turveyd

    Tell someone who believes in Fib's a bunch of random numbers, it'll still work kinda, as they'll see a pattern in any numbers provided, they might even profit from the random, doesn't mean there is anything in the numbers mind.
     
  9. Some/enough players see the Fib price levels and often act on them.... same is true for 50 and 200 day moving averages.
     
    murray t turtle likes this.
  10. Turveyd

    Turveyd

    Atleast with 50 / 200 it's generally the same number, too many use different Fib numbers, not that many believe in either, more in 50/200.


    I had Pivots of a web site years back cheap paid service, worked great for a while, then just stopped.

    It's a crutch and if the crutch enabled you to see / make profitable trades then all good.
     
    #10     Jan 26, 2021
    murray t turtle and Bad_Badness like this.