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Need help with drawing Fibonacci.
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Created: by mpo7 Attachments:4

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Need help with drawing Fibonacci.

  #1 (permalink)
Elite Member
Winnipeg, MB , Canada
 
Futures Experience: Intermediate
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Favorite Futures: CL,NG,GC,ZS
 
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Need help with drawing Fibonacci.

In these weekly charts i have fib's drawn in from

( April 2012 ) to the swing high in ( Feb 2014 )
( Nov 2013 ) to the swing high in ( Feb 2014 ).

Which set of Fib's would be more credible in this scenario ? Perhaps both, none or ...?

I am new to using Fibonacci so id like to know how they are generally drawn. I am seeing patterns and am really catching on but some scenarios I am still unsure how its best done.

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
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Fib is subjective if it looks good to you eat it eh.. use it.

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  #4 (permalink)
Elite Member
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If you want to use fib, you have to do a lot, and I mean a lot of backtesting before you start to understand what fib is. It's like everybody can buy a piano, but it take time to find the melody. Don't trust people there say it's random lines. I think it's about 90 % or more there can't think that way.
If you want to use fib, then never use indicators. Indicators is a static mathematical frekvens on a dynamic market. Fib is dynamic on a dynamic market.
There are many combination.

Step
1: https://www.tradingview.com/x/FHRVqolk/

2: https://www.tradingview.com/x/J6RNQNqa/

3:https://www.tradingview.com/x/YFWufsbI/

Ongoing SP500: https://www.tradingview.com/x/XjG4HgOq/

I don't teach or preach.

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Last edited by jta3; January 29th, 2015 at 02:56 AM.
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  #5 (permalink)
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mpo7 View Post
In these weekly charts i have fib's drawn in from

( April 2012 ) to the swing high in ( Feb 2014 )
( Nov 2013 ) to the swing high in ( Feb 2014 ).

Which set of Fib's would be more credible in this scenario ? Perhaps both, none or ...?

I am new to using Fibonacci so id like to know how they are generally drawn. I am seeing patterns and am really catching on but some scenarios I am still unsure how its best done.

Both are valid and using them together provides more detail but also more complexity. If I had to choose only one, I would choose the left one.

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  #6 (permalink)
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For the "Ongoing SP500" there hit first target.

https://www.tradingview.com/x/VW63CqBu/

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  #7 (permalink)
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Not magic but math

@jta3 Good job! You used a Fib measured move didn't you ?


Oh wait ..Never mind regarding the measured move , i noticed you just updated a trade you were in.

Back to the Fibonacci topic i noticed a nice bounce from the 38% retracement to the tick. I wonder what the probability has been over the past year that the es bounces off the 38% measured move target at least 4 points, with only risking a point. From the night sessions swing high and swing low?

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Last edited by mpo7; January 29th, 2015 at 12:39 PM.
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  #8 (permalink)
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138.2 %.

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  #9 (permalink)
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jta3 View Post
For the "Ongoing SP500" there hit first target.

https://www.tradingview.com/x/VW63CqBu/

Last target hit.

https://www.tradingview.com/x/L4Dd0rmC/

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