There are not "different Fib numbers" for a given range of high/low. Fibs are not a "crutch", but rather a tool.... a much more valuable tool than most realize. I don't mean to hurt your feelings, but you apparently are skeptical of the worth of Fibs. That only means that you don't understand them well enough for your criticism and skepticism to be legit.
I have been charting for a while and on 80 - 90% of the charts that I used Fib on, price action and volume has confirmed those levels at some point in the future as very active supply and demand levels either thru breakout, reversal or bottoming... just saying.
No researched 10+ years ago, going to have to disagree on this 1, and I've seen a lot of people trading and believing in Fib's and losing money ( most people lose so yeah! )
I can never find my hammer and screw drivers work just fine. If you make money from, as a crutch or real and you happy, then that's all the counts. I'd take a Crutch if it got me profitable consistently.
I'd chime in but I have a feeling someone will just disagree with 61.8% of what I'd say, get stuck on it, then eventually refute the whole 100% so, meh.
https://adamhgrimes.com/fibonacci-fibs/ For example, Code: perl -e ' use warnings; use strict; my $v1 = 28; my $v2 = -103; for (my $i = 1; $i <= 47; ++$i) { my $vn = $v1 + $v2; print "$i ${\($vn/$v2)}\n"; $v1 = $v2; $v2 = $vn; } ' | tail The results are 38 1.6180339887499 39 1.61803398874989 40 1.61803398874989 41 1.61803398874989 42 1.61803398874989 43 1.61803398874989 44 1.61803398874989 45 1.61803398874989 46 1.61803398874989 47 1.61803398874989 The example code starts with base numbers of 28 and -103. It then adds them to get the next number in the sequence and outputs the iteration number and the ratio between the next and previous number in a loop. This quickly converges to the Golden Ratio. Does this mean the Golden Ratio or a variation of it special for trading?
Hello everyone, Fibo levels are like everything (round numbers, trendlines etc...) : a lot of traders are looking at them, so they are areas where there should be enough movement to make a profit. But the more experience I gained in the past and the more accurate I found Fibo levels. For my levels, I just take the last leg and draw the Fibo levels in the direction of the current intraday trend.
Yesterday USDCAD and GBPUSD fibo levels were pretty good, the reversal was quite powerful. Let's see today's Fibonacci levels. EURUSD - 27/01/2021 Current possible intraday trend : DOWN With that in mind, here are the levels where I'm intending to take BUY orders : N1: 1.2153 N2: 1.2142 N3: 1.2128 In green arrows on the graphic (I will try to post better graphic when I figure out a solution) :
GBPUSD - 27/01/2021 Current possible intraday trend : DOWN With that in mind, here are the levels where I'm intending to take BUY orders : N1: 1.3725 N2: 1.3708 N3: 1.3682 In green arrows on the graphic : ************* USDJPY - 27/01/2021 Current possible intraday trend : UP With that in mind, here are the levels where I'm intending to take SELL orders : N1: 103.79 N2: 103.90 N3: 104.03 In red arrows on the graphic : ************ USDCAD - 27/01/2021 Current possible intraday trend : UP With that in mind, here are the levels where I'm intending to take SELL orders : N1: 1.2735 N2: 1.2761 N3: 1.2791 In red arrows on the graphic : ************* USDCHF - 27/01/2021 Current possible intraday trend : UP With that in mind, here are the levels where I'm intending to take SELL orders : N1: 0.8873 N2: 0.8882 N3: 0.8895 In red arrows on the graphic :