I love fibs...but its a deep hole....there is a fundamental truth one needs to understand about them....every price and every tick is a fib level off some other price level.....this sparks a question, which one to use......I have wrestled with this question for two years with no real answer.....but I have settled on an approximation and a filter....see the attachment. You can trade this way without the fibs or the moving average, they just help me visualize price action.....and excellent thread to read about trading the pull backs is @ MWinfrey's 5min Odyssey. I personally have learned a lot from just looking at his charts and entry points....I went back and looked at them on my chart and almost all of them were a 50% or 62% pull back.....and he has been very successful with it.....

The chart I attached is a down and dirty fib on a 5 min chart. Today its a nearly perfect 62% pull back....they are not always like this....hence my notes on the chart...

Hope this helps in your thinking......

I love fibs...but its a deep hole....there is a fundamental truth one needs to understand about them....every price and every tick is a fib level off some other price level.....this sparks a question, which one to use......I have wrestled with this question for two years with no real answer.....but I have settled on an approximation and a filter....

This is why I just use the Moving Averages. Don't make it too complicated. Keep it simple.

Andrew

Beth do you mind posting you latest ergodic templates...thanks

Thanks Aztrader9, Andrew and Monpere for the Fibs advice/sharing. Months ago it's too overwhelming + crowding my charts. Now I only focus on 50%/61.80 retracement as a start and it's not threatening anymore. I am hoping that it will give me a better idea on where to set profit target. If successful, I maybe able to adjust 1:1 reward/risk to 2:1 or higher. Plus serves to confirm a regular signal when divergence ones (with the trend) have been rare these mornings.

Continue enjoying your day.

Beth

Here it comes Chonpz. I have a faster Ergodic (12-4-9) twice, ie on the Price Panel (overlay) and Panel 3 + a slower one (12-12-14) on Panel 2.

Beth

Beth when able no rush could you please be so kind to direct me where to find Ergo Indicator for the Ninja 6.5
Yes I continue to use NT 6.5

Thank you for your help

TickVix/Gregory

Hi Beth, BTW-Great thread...thank you for being open and honest in your journal...it is refreshing. I learned fibs by reading but also thru this person’s am post via email. He totally is a fib trader, more than I am. This is a downloadable video. It may help to see how they are fully relied upon, like I do with indicators and a little price action when trading.

If time he has a 1 week free pass, and his room is only 30 per month if you want to see more. He trades all day. I really like his am files, FWIW-this is not an endorsement, just a learning tool if Beth can use. Hey its free-right. Take Care-Mark

Here is the link from this am: http://feeds.feedburner.com/~r/DhalseysTradingWeblog/~5/sHBigWLiFVg/030111.mp4?utm_source=feedburner&utm_medium=email

Hi Gregory

Enclosed should work for NT 6.5 and are slightly different from mine. Good luck!

Beth