It is Sunday Night. I am here because I trade all the tine and the futures markets open Sunday afternoon here in the Pacific time zone. So I will multi-task while watching my trades. I believe I can be of some help on what purports to be an educational thread on Fibonacci as a trading tool. I hesitate to spend much time on posting here as I am not sure just what the posting participants really are wanting; by that I mean -- humor, or serious inquire relevant to the topic, or perhaps enjoying attempts to argue, or to attack or cajole a poster into some contest of 'let's make a fool of that poster'. I would like to believe that all who post here have a serious interest to either assist with real helpful input or to read, learn, and ask relevant questions. I suggest if a post is not clear or if you believe it is lacking some information -- then an appropriate post would be simply "please clarify by posting _________ (chart, explanatory text to your specific clear question) I like this thread and most of the posts thus far and hope it will be clear and very informative. To keep my posts as short as possible I will put a Subject heading at the top of each post. My next posts will be Several: How to Use Fibs as an Excellent Predictive Trading Tool. I trade primarily Futures and Futures Options. I will post charts. For now I will post an ES trade which I opened just before the close of the ES on last Friday; This is a trade analysis and perhaps it is not clear to those who have not used this graph. Look at the bottom for what makes up the trade. ES futures and ES options used to Hedge.
So the trade was placed on Friday last. And is now showing a profit. Entry was based on the Fibs. If this is not clear then please ask for clarification.
Specific steps on how to use the Fib drawing tools (how and why) will be posted if that is what you need to understand. For now,(it is late) I will emphatically state, that the Fibs are not an indicator and are used to find trade Entries, Targets, Exits and trade management. BTW the fibs are among the most used tools by professional traders, institutional traders, and perhaps even you. Goodnight, happy New Year, and Friendly intents.
If no one else provides you Sprout with a proper and complete answer -- I will -- but it is late here and I need to eat a quick meal and then unfortunately go to sleep on a full stomach. (Always Happy when you Post as you are indeed a scholar of many subjects and an astute contributor.) Thanks.
%% Partly true; but some use yearly day hi,+yearly day hi-close price.......... But youre right on the fixed math statement+ you're maybe meant that- in last sentence.