Fibonacci discussion - page 2

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sailor:
What do u mean cross the line without stop loss ? Sailor

I do not know.

I was thinking how to use it. If the Fibo levels are the support and resistance levels it means that the support line is the stop loss level, and resistance line may be profit level. Right?

 

if for example entering long cable 1.7291 (78.6 Fibretracement) and targeting 127 extension target at 1.7495 stop should be below last A 1.7246 so around a 50 pip stop or so...

I have also read that market consolidate 70 percent of time and trending other 30 percent ...Another thing to consider is being a daytrader or position trader i am both. on mt4 i daytrade only so far.

understanding the abcd priceswing is important :-) when D have formed we have to find c...When D is formed it becommes to b and when C is found it beccomes a

Sailor

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sterling1.gif  34 kb
 

Fibonacci extension level ...with MT4?

Hi All,

I've read folks are using Fibonacci extension levels as a take profit indicator.

I've seen the regular Fibonacci tool within MT4, but no extension level tool.

The Fibonacci extension level is a 3 point setting. If anybody knows how it is

used with MT4, would you let me know?

BTW, I'm about as new as can be and would appreciate a detailed answer.

Thanks!

moneyline

 

Hey moneyline

se the pic above ur post i use the normal fib tool and changing the parameters. I am finding latest A B connecting my fib from B to A then its just to wait and monitor a posible C. I have changed things in fibo properties.

Level 0,236 description 78,6 level

0,382 61,8 level

0,618 38,2 level

1,27 127 level

hope it help ur answer?

sailor

 

Hi Sailor,

Thanks, I'll give it a go in the morning.

I'm kinda fuzzy right now....bedtime for me!

moneyline

 

Hi, I've been using Fibs for awhile now especially in Metatrader 4, How I trade is very simple I put my support, Resistance, trend lines and thenn determine Fib points on an 1,4 hour and 1 day.. I take note that the fib might retrace to certain points as an indication of the probability of fib level retracements.. but nothing is set in stone with trading... When the Fib retracement does match the scale you've set, it can be mind blowing at times how accurate fibs can be..

IMHO, As a techincal analysis tool I highly recommend it.. I think like any prediction technique it all comes down to what your comfortable with to help make profitable choices of future outcomes in the forex arena..

 

Thats true , the big timeframe is important what i forgot totally to look at when i started trading i was thinking of easy profit but no way profit dont come easy, some people just have it from the start..jumping in and oing very well

sailor

 

HI guys,

Can Anybody tell how to include codes in OBJ_FIBO to draw 78.6% and 89% levels.

Thanks in Advance

 

Ok,

I'm totally confused. Can someone tell me the "CORRECT" way to draw Fib lines. Is it from pt A to B or B to A? I'm trying to figure out how to get the extensions to show up above when it's on an uptrend or am I doing this backwards and the 127% extension should show on the pullback from pt B to C? Thanks.

 
bh2010:
Ok, I'm totally confused. Can someone tell me the "CORRECT" way to draw Fib lines. Is it from pt A to B or B to A? I'm trying to figure out how to get the extensions to show up above when it's on an uptrend or am I doing this backwards and the 127% extension should show on the pullback from pt B to C? Thanks.

It is not about PT A to PT B .. Fibonacci is all about swings. If the market is moving up then you would start from Low to High , If the market is moving down then you would start from High to Low . For extensions there is a Fibo Extension tool in MT4 for this purpose.

-guyver

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