Yes, Fibs are a must use tool. Why? Because Price tends to head for 161.8% - I rarely ever take profits before 161.8%. And if he blasts thru' this he's off to 261.8% and perhaps 423.6%. Then cash in and retreat to a bear cave to devour spoils of war and return shortly for the SHORT with first target 161.8% Yawn!
Thanks, Joe_D for your post. Yes, the 1.618 is a key level as it represents an extreme (162% move of the previous swing and if broken it often does continue to move further in the direction of your trade.
Lunch with high net worth traders today - all without exception were going on and on about how confusing the US Dollar has been lately. All of them use advanced trading techniques on EurUsd but not a single one has a ruler/pencil or the Fibo tool. When they saw the hit @ 161.8% its as if they saw a ghost. They were speechless when I told 'em that after the correction, the odds are super high we be going to 261.8%. Of course I didn't want to upset these cats so I reassured them all of it works even on the 1-min. chart
Here is a scalping platform that is used with fibs on a 5 min chart. Note the 1.618 level and the "bounce off of it and then down on the 5 min bar.
As Joe_D said the fibs work. See the bounce off the 1.618 on this 5 min CL chart of this morning 7-12-2017. If anyone has questions or comments on this please post or contact me as stated earlier in this thread. Thanks
Doesn't look like this thread has much interest -- so let me know please if you recommend closing it. Thanks Here is a video by Larry Pesavento, the absolute Master of a Fibonacci trading on CL crude oil current information for this morning of 7-12-2017. Fresh info. Just tried to upload this excellent MP4 short video. It was rejected, Unfortunately, ET will not accept MP4 files so if you want to watch this video please contact me. I will try and find out what format for video ET accepts. If you know please post here. Thanks
It seems like the purpose of ET, for most, is just a place to argue and flame. Most do not even carefully read the posts that they are responding to. Or they take part of the post out of context to play some semantic game. I hope Oysteryx will post messages quoting me in this thread as it is difficult to respond in other threads that are quoting me. I received a Skype message which was excellent and "on topic" from Eddie in Singapore. He is interested in how to trade with the Fibonacci Ratios and how to use this as part of a trading system to trade Forex. I have started to answer him on skype, but due to the extreme time difference between his time and mine, I shall start adding that here. So, is Fibonacci used as a "stand-alone" tool or in conjunction with additional tools to form a trading "system" or strategy?
This has been 5 pages of utter useless crap...I.m disappointed because I can't get those wasted 10-minutes of my life back...ever...Please close this thread.
No, please don't, I'm enjoying it. He wants a thread with no noise. I didn't see the previous versions, presumably he had a hard time, but now he has quiet and he said a few posts back that nobody seems to be interested so if that is the case he will close the thread. He wants no noise, but he doesn't like talking to himself. How exciting, what will the next episode bring? Is he a vendor? He Skypes with Singaporeans and assorted people, all for no money and out of the kindness and goodness of his heart. A latter day Saint, so generous. No, I must see where all this is going, please don't close this thread.