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Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
I have to say yes they are. But, not how most use them. I use them on big time frames, had training for them and only use extensions to define ranges and project with that measurement.
I do not believe using fibs inside the RTH or on short time frames with all the small levels like 23.6%, 38.2%, 61.8% 76.4% has merit.
I consider trading an art form. You practice it.
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
You might like this guy who shares his trade ideas on FF and is a big fan of fibs and harmonic trading. I am mostly a volume profile trader but found inspiration in his teaching. Now i see a lot of similarities between volume profile and fibonacci analysis. He trades the morning session mostly on the YM.
What is the difference between a pull-back and new range? Usually a range is 85% - 100% or more of the previous leg, while a pull back can as great as 75%. There's a large grey area between 61% - 76% and after that's usually deemed uncertain. Likewise if there's a pull back of anything less than 25% it's not really considered a clear enough pull back to entertain based on technical analysis alone. It seems to be there's a sweet spot between 23-76% hitting all the popular fibs for a pull back and gives cushion for a stop loss before or around 100%. Somehow this coincides with Fibonacci because anything else would be range or momentum trading.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.