FIBONACCI question ???

Discussion in 'Strategy Development' started by larrybf, Feb 17, 2004.

  1. I have found fibonacci levels to be useful when looking at daily charts but get mediocre results when applying them to intraday charts... for those of you using them successfully intraday levels.... what other factors should i add to the equation???? thanks
  2. Fibs get "dirtier" as your time frame shortens, anything below 15 minutes is too unreliable for me. I don't do much intraday trading anymore, but it helped me to use fibs in combination with natural S/R and trendlines. If you get 2 or 3 of these items coming together then maybe you've got a good spot.

    Also, maybe use a range for your fibs setup and then drop down a timeframe for execution based on S/R, tape, etc.
  3. proteus1


    For intra-day, you can try applying your fib levels to tick charts (100, 300, 1000 ticks) and see where fib levels might come close together to signal where price might pause or make turns.
  4. Look for clusters of Fib numbers and then play S & R against them. Price retracements, price projections and extensions.

    Fibs are a self-fullfilling prophecy.
  5. prox


    Go after the larger swings and not every little wiggle. I find them more useful for projection purposes rather than retracement.
  6. whethere you use 100, 300,1000ticks, significant high/lows
    of that day are same pointwise? Can you explain what you
    mean by where Fib levels that might come togather?

    Because i don't count on Fib levels for intraday level, i am
    not fimilier with your method? I appericiate if you can explain
    further with an example
  7. But how and what levels you apply as entry or exit?
  8. Agreed 100%. I look for significant high to low/ low to high
    of the day ( i don't mean highs and lows of that day), and
    exit at 25% levels along with other criteria matched
  9. Look for other key S&R levels that correspond to a Fib number. For instance, an opening GAP, pivot number.

    Not exactly sure what your asking, but look for retraces back to 50, 61.8 or 78.6%

    I agree with PROX...I find price extensions more useful.
  10. Keep your eye on this one and make notes.
    #10     Feb 24, 2004