Fibo method
Posted: Thu Nov 20, 2008 3:59 pm
Hi everyone,
my question may be silly, but i'm quite new to forex. I'am testing now TRO dynamic fibs SR. do i understand it right? please comment:
red or blue dots shows support and resistance. grey and white are fibonacci levels, right? So, when price reach resistance, should turn it's direction. but not always, so i wait, and when price finally gets to first fibo level, this is confirmation for me that i can open position. Am i right so far? if i'm right, then please tell me should i wait till candel hits fibo level, or till another candel opens above fibo level? when is the time for me to close position?
PS. TRO! thanks for your time you give to us, you're the MAN!
my question may be silly, but i'm quite new to forex. I'am testing now TRO dynamic fibs SR. do i understand it right? please comment:
red or blue dots shows support and resistance. grey and white are fibonacci levels, right? So, when price reach resistance, should turn it's direction. but not always, so i wait, and when price finally gets to first fibo level, this is confirmation for me that i can open position. Am i right so far? if i'm right, then please tell me should i wait till candel hits fibo level, or till another candel opens above fibo level? when is the time for me to close position?
PS. TRO! thanks for your time you give to us, you're the MAN!