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Fibonacci Spirals - How to use them in daily trading
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Fibonacci Spirals - How to use them in daily trading

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Market Wizard
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Fibonacci Spirals - How to use them in daily trading

Fibonacci - is well known to use for support and resistance in so many charts.
Many traders use them as an easy guide for making decisions for entry and exits.

Some traders do not know about how to set up Fibonacci in their charts.
But use them anyway.

I was not using the Fibonacci line indicator in my charts to make decisions.
I found it very handy to use the Fibonacci Spiral for some of my bigger
pictures of price development. It came out that this one is EASY to read!

Of course spirals are not seen in public charts often. Because there are
not many chart programs providing them. So I decided
to start a thread especially on the Fibonacci Spiral Indicator.

Why is this thread in the Journal Section?
My intention is to use the Fibonacci Spiral with my daily Dax trading.
Therefore I will update the upcoming months with the bigger picture
using this indicator. It will be some learning thread with real charts
of the actual Dax future. The more examples are fixed the more it
will show if this indicator which I use for years can have some positive
effect on your trading.

Stay tuned
GFIs1

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  #3 (permalink)
Market Wizard
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Lets start with the Fibonacci Spiral chart


This is an example of this week's very volatile price movements in the Dax future.
A very good big picture to show how the Fibonacci Spiral indicator works:

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GFIs1

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Market Wizard
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Fibonacci Spiral setups

You have seen in last post the indicator - and where the price is moving
along with the lines - or crossing simply between the spiral lines.

Amazing - isn't it?

In above sample I had set up a SHORT spiral.
How is this done?
We need to start at a new high - and search for the next low to fix the
first spiral.

IMPORTANT
On a short spiral setting the lines need to turn COUNTERclockWISE.
As shown in the chart - the spiral turned first circle at around 9750.
But price went further to the red line - the one after the first circle.
Exactly the place to stop the short @ around 9650 and go long.
Along the the red line...

The consecutive trades can be read out from the chart.

NOW FOR THE LONGS
the situation is exactly opposite: Starting from a new low we draw
the spiral to the first high and its reversal...
But this time CLOCKWISE...

That easy
More to come soon.

GFIs1

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Market Wizard
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Other elements in my chart

To not show many elements disturbing in the chart here for this special thread
I eliminated all not necessary parts.
Only left are the Ichimoku Cloud which indicates always some "middle" of the
actual pricing.
The Spiral is extra thick to show the important colors of the turnings as well.

Some numbers, "!" and the red diamond are part of the Walzer system known
from my other thread. Those do not interfere with the theme here.

Discussion is now open!

GFIs1

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Can you show the current state of affairs on the ES using your spiral?

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GFIs1 View Post
This is an example of this week's very volatile price movements in the Dax future.
A very good big picture to show how the Fibonacci Spiral indicator works:

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


GFIs1

Here is another version of a fibonacci spiral.

Fibonacci Vortex Trading and Charting Tool

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olobay View Post
Here is another version of a fibonacci spiral.

Fibonacci Vortex Trading and Charting Tool

I took a look at that vortex tool a while back. It is very complicated to use. Great name, though!

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GFIs1 View Post
This is an example of this week's very volatile price movements in the Dax future.
A very good big picture to show how the Fibonacci Spiral indicator works:

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


GFIs1

Great thread!

The fib spiral tool is perhaps the most elegantly simple and yet powerful fib tool, in part because of its single-handed representation of the 1.618 ratio and nothing else. Additionally, the manner it does so provides key points not only in price but time as well!

You are correct that there are very few charts packages that offer the spiral, in part because I think the freemasons who control the market don't want the average joe to use it (kidding), no actually, I'm not sure why.

ThinkorSwim has a fib spiral tool, BUT, it doesn't really work correctly. The thing about the tool is that I believe it can only work correctly on a chart that is SQUARED. Is that correct? Is your chart squared? And for that matter, what package are you using?

Thanks!

Roy

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srgtroy View Post
Great thread!
ThinkorSwim has a fib spiral tool, BUT, it doesn't really work correctly. The thing about the tool is that I believe it can only work correctly on a chart that is SQUARED. Is that correct? Is your chart squared? And for that matter, what package are you using?

Hi Roy

I use Investor/RT from Linnsoft.
The chart needs do be squared. Any distortion and the spiral does not sit correct on underlying data.
You are right that time on this fib tool is also very important.
Some regular "update" or setting a new spiral from the next bigger turning point is necessary.
But the results are very good and the trader "sees" what the market is playing out.

GFIs1

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