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Are Fibonacci retracements and projections useful?
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Are Fibonacci retracements and projections useful?

  #281 (permalink)
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supermht View Post
Fib looks beautiful after fact, always

Finding lines on a chart attractive, or even 'beautiful' as you describe, can become a troubling addiction, particularly in the modern online porn world. You may require counselling, professional treatment or in extreme cases surgery. If you are unable to afford the clinic admission fees some chart abusers have found their in-house Voluntary Walk About Program to be helpful.

Hope it helps.

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  #282 (permalink)
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supermht View Post
Fib looks beautiful after fact, always

I would bet most people using Fib lines use their common sense. If you use Fib lines as a potential turning point IF and only IF price shows signs it wants to turn then what's the problem?

Add to that if the same trader also would look at turning points (Fib lines) on the Yen and Bonds how much power this guy would gain.

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trendisyourfriend View Post
I would bet most people using Fib lines use their common sense. If you use Fib lines as a potential turning point IF and only IF price shows signs it wants to turn then what's the problem?

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i'm short

where do i cover and flip?

market is probably going to open through the 38.2% retracement

so what do i do?

what if it doesn't get to the 50% or the 61.8 retracement?

where do i cover? where do i get long?

how much do i risk if it hits a fib?

how do i know if its good or not, and when to get out?

or,

do i just wait, until it shows me signs it wants to turn?

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  #284 (permalink)
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tigertrader View Post
i'm short

where do i cover and flip?

market is probably going to open through the 38.2% retracement

so what do i do?

what if it doesn't get to the 50% or the 61.8 retracement?

where do i cover? where do i get long?

how much do i risk if it hits a fib?

how do i know if its good or not, and when to get out?

or,

do i just wait, until it shows me signs it wants to turn?


There was a good exit on Friday. Fibonacci confluence was at 2011.75 points, the low of the day was at 2011.50 points. The next exit level would be found at 1982.75 points. Fibonacci confluence is not just taking into account the last swing but includes all swings over the last years (for this chart I have used 2000 days).

However, in this case the exit levels are mostly based on prior swing highs and lows which are probably reinforced by other fib retracements or expansions. More conventional but certainly good exit points.

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But of course those levels can only provide for support, if they are reached. However, in some cases they are also magnets. The magnetic property is linked to many traders staring at the same level. It should be pretty simple to find.

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Futures Edge on FIO
Here's my levels. Thin lines are daily, thicker are higher time frame, green most important, followed by purple...

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If you want only one number, then as I mentioned earlier, I'm watching 1993


Last edited by srgtroy; November 15th, 2015 at 07:32 PM.
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  #286 (permalink)
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srgtroy View Post
Here's my levels. Thin lines are daily, thicker are higher time frame, green most important, followed by purple...

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If you wan't only one number, then as I mentioned earlier, I'm watching 1993

I prefer to spray and pray with one of these:

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(I'm kidding with you @srgtroy, I use 'levels' in my trading too, but not from fibs)

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  #287 (permalink)
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TheTradeSlinger View Post
I prefer to spray and pray with one of these:

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(I'm kidding with you @srgtroy, I use 'levels' in my trading too, but not from fibs)

No worries, bro, i laughed, and I have used the tool pictured below as well and its very good That said, there are eight bullets visible, which is a fib number

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  #288 (permalink)
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tigertrader View Post
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i'm short

where do i cover and flip?

Take some profits now...let me fire up all my systems for a closer look...AND NEVER USE ONLY ONE FIB SET!!!


Last edited by srgtroy; November 15th, 2015 at 07:45 PM.
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i'm short

where do i cover and flip?

Even just two simple fibs are better then one. Or one fib and one psychological level. Right now on the daily u can see price testing the convergence of the 38.2 percent retracement and the psychological 2000 level so there is decent support here. I look at more then this but this is a place to start.

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Back to the more advanced look with the three big orange dots highlighting three key confluence areas:

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my initial reaction in terms of going long for a good swing would be above the top confluence around 2038-2040 but AS WITH ANY SYSTEM, you need to see how price reacts at these levels. We can watch these same levels for the next few days or so and see if they work at all...


Last edited by srgtroy; November 15th, 2015 at 08:16 PM.
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