Fibonacci

Another Day....
Another Fib extention setup...(entry and exit)
Another profit...
It's just a tool...like stochlastics, RSI, MACD..but it is predictable on where it will be going to.

Enough said on this...

 

Very interesting thread. I'm just starting to learn about Fibonacci trading, what are some recommended indicators/triggers to use a long with the fib ratios?
Or do some of you trade purely with Fib? Thanks.

 

by the way for the person that said round numbers are bunk.

you might wish to read the paper I once linked to by from the federal reserve.

They found that round numbers do create bounces in the currency market.

They compared the bounces on round numbers the way the pair is normally quoted and the reverse.

using "bootstrap statistics" the fed found that currency markets bounce off round numbers.

 

the fib and round numbers were bunk based on exhaustive testing. Not that affects the believers.

 

Sounds to me like TraderZones has heard about other people's success with fibs but can't work out how to use them himself!

No free lunch here TZ, do your own research

 

nor does your statement effect the validity of the federal reserves findings nor my trading profits.

 

How about looking at Fib time rather than just price...?

 

John Person has a couple of books,

A Complete Guide To Technical
Trading Tactics -

Candlestick & Pivot Point
Trading Tactics.

Google Search John Person,

 

no one i know looks at fib time lines, nor have i read much about that here on et.

 

That says all one needs to know..

The old saying goes.....

fibs lead, waves follow