|
leveragefx (July 10, 2008 at 3:51 pm)
Time frames to use Fibonacci are irrelevent in my opinion. A swing as defined as a movement up or down can be seen on 1 min chart, 5 min, 60 min, etc. What you should do in using Fibonacci is make SURE that the swing is at least 20 to 30 pips. Fibs don't work well at all on tiny 10-15 pip moves. And on more volatile currencies such as GBP/JPY use 30-40 pip swings MINIMUM. Again the swing is the swing so timeframe of chart isn't relevent for day trading. For swing trades use 60, 240 or daily.
leveragefx (July 10, 2008 at 3:49 pm)
The 1.618 is a Fibonacci profit target to exit your trend trades at and consider counter trend IF there are other factors such as other support/resistance there and how far overextended the trend is. In doing a counter trend trade at that level I typically will look for at LEASE a 38% Fibonacci pullback to look to exit at. That should be an area to LOOK for an exit. The actual exit is often a much bigger profit than this as you need to use trailing stops.
supermalv85 (July 10, 2008 at 2:04 am)
it's a pretty solid explanation. But I was wondering why you didn't mention anything about the time frame. The lower low and higher high looks heaps different from one time frame chart to the other. So which one is specifically there to use? : d
gehil (July 5, 2008 at 10:09 pm)
Thank you man!! is a great video
CristianTari (June 27, 2008 at 4:30 pm)
Hi , thanks for the video, I would like to know which is the profit target when we buy or sell at 1.618% level? Thanks
warlowl (June 19, 2008 at 5:23 am)
Good explanation!
forextracer (June 4, 2008 at 3:04 am)
these forex trading software is making it easier to make money..definately worth a try if you want to start trading.good video!
leveragefx (May 30, 2008 at 8:54 pm)
This is a TRUE comment! Any BS indicator out there has times where it works. Even a broken clock is right twice a day! I bet though if you ask any profitable trader if they believe in Fibonacci retracements and especially Fibonacci profit targets they will say they do and almost all will USE it. The hard part about Fibonacci levels is WHICH to use? We draw trendlines over/under the counter trend swing to know EACTLY WHEN to get in and thus fewer and smaller losses and higher win %
leveragefx (May 30, 2008 at 8:51 pm)
We work with FXDD, FXCM, and FX Solutions. We are adding another data feed that costs less than eSignal and thus we will be adding MANY other brokers in the future. We give our software FREE to those who trade with us through our brokers. We also have a 24 hour FREE chat room for all of our traders. We trade as a team!
leveragefx (May 30, 2008 at 8:49 pm)
Our software works with eSignal data and we're adding another data feed soon. Our traders mostly DO use Meta Trader to enter their orders. It's been a long time since I've posted to You Tube and our techniques have improved dramatically. For instance, we now have a way to scan to see which currencies to buy and which to sell. Our FX Multimap trend allows you to sort and watch the STRONGEST trending and auto link them to charts even. |
