Stepping Fibos

Discussion in 'Forex' started by Wallace, Feb 5, 2004.

  1. Hello All, the attached chart illustrates the technique of 'stepping a fibo' from Wave to Wave.

    The original White fibo was copied and pasted onto the base of the next wave. Generally it is the Close that more significantly hits the fibo level, rather than the HH/LL that often goes beyond the fibo line.

    The Blue and Red fibo lines have been placed on the Wave's LL and LC respectively to illustrate the results when using different start points.

    The MetaStock 'Standard Error Channels' are used at the default Close setting.

    Try stepping a fibo on the 5 min chart of today's price move. Wallace.
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  2. Well, I have no idea what the heck you're talking about, but is this something like Michael Jardine's E-Wave+Fibonacci method?
    It is pretty cool to see the price stay in the regression channel with so much discipline. I use regression bands, bcuz this doesn't always happen.
  3. Hello Bufferman, apologies 'stepping fibos' is unclear; not familiar with Mr Jardine's method.

    I was trying to illustrate that Wave formation can, be somewhat constant Wave to Wave within the larger Wave, and that the same fibo/ratio may be used to target new intermediate High/Wave tops.

    Ultimately there may be a confluence of those same fibos suggesting the major wave top is forming or in place. Wallace.