Oh yes I see.
Yes that's what I use.
61.8 and 38.2, i trust the most. Sometimes I might use the 50
mook - LOG
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Thanks, I was told that while using the standard fibs, one would expect to achieve a 70% success on trades. I've made a few trades but I still use closing CCs to determine whether or not pa will cross and zip out a range.
Ad, Please clarity. You set your fibs of a range. Lets say low 3 sema to hi 3 sema. You expect it to retrace back to 61%? I can see that by the pic I just posted. However how do you determine the whether it will retrace back up to the 38% level? Only after it crosses the 50%. This method still confounds me.
Ad, Please clarity. You set your fibs of a range. Lets say low 3 sema to hi 3 sema. You expect it to retrace back to 61%? I can see that by the pic I just posted. However how do you determine the whether it will retrace back up to the 38% level? Only after it crosses the 50%. This method still confounds me.
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mook wrote:Thanks, I was told that while using the standard fibs, one would expect to achieve a 70% success on trades. I've made a few trades but I still use closing CCs to determine whether or not pa will cross and zip out a range.
Ad, Please clarity. You set your fibs of a range. Lets say low 3 sema to hi 3 sema. You expect it to retrace back to 61%? I can see that by the pic I just posted. However how do you determine the whether it will retrace back up to the 38% level? Only after it crosses the 50%. This method still confounds me.
I highly doubt fibs achieve a 70% success rate. They are good indicators but not that accurate.
You usually use a most recent low to a most recent high. Usually the daily low and high work great, sometimes a common resistance and support area can be used as fibs. When you plot them more often you know which range to use. Basically pick a point that you think others traders will pick also.
You don't expect it to retrace back anywhere. Just because it goes to the 61% doesnt mean it will go to the 50% or the 38%. In the pic you posted I would short at that 61% fib line back down. When it hit 61% the 3rd time I would short it there again probably because of a Head and Shoulders pattern.
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2 charts:
1st: Standard fibs.
2nd: Dragon 4hr.
Trying to determine which works best for the scalp. Dragon it seems allows me to TP or add units at a certain line. Standard fibs ~ herd mentaility ~ assumes that if alot of people are using standard fibs more than likely pa will hit fib line targets.
1st: Standard fibs.
2nd: Dragon 4hr.
Trying to determine which works best for the scalp. Dragon it seems allows me to TP or add units at a certain line. Standard fibs ~ herd mentaility ~ assumes that if alot of people are using standard fibs more than likely pa will hit fib line targets.
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- dragon.gif (18.39 KiB) Viewed 3268 times
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- stdfibs.gif (18.63 KiB) Viewed 3268 times
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