Which are the most common indicators used in conjunction with the Fobonacci Strategy?
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Fibonacci Stategy
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Re: Fibonacci Stategy
One of the best Fibonacci levels that is often overlooked is the .786 level which is the square root of .618. I think banks and institutions use this level to run the stops of everyone that bought the .618. Check it out - price often reverses at this level.
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Re: Fibonacci Stategy
One of the best Fibonacci levels that is often overlooked is the .786 level which is the square root of .618. I think banks and institutions use this level to run the stops of everyone that bought the .618. Check it out - price often reverses at this level.
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Re: Fibonacci Stategy
I use 0 and 100 for support/resistance then wait for a break of either. This most often than not will lead to price moving to at least the 138.2 extension. The best entries are when price retraces to the inner levels - 38.2, 50 or 61.8 after the break before hitting target. Also RR is better as stop is on the other side of the opposite level eg south of support if trading a resistance break.
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Re: Fibonacci Stategy
Originally posted by melindaOne of the best Fibonacci levels that is often overlooked is the .786 level which is the square root of .618. I think banks and institutions use this level to run the stops of everyone that bought the .618. Check it out - price often reverses at this level.
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Re: Fibonacci Stategy
Originally posted by Davef8Which are the most common indicators used in conjunction with the Fobonacci Strategy?
I mean when something like when the price retrace from some fibo level and 2 or more averages crossed each other can be used as a signal for trade
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The Fibo strategy used to work, but now that everyone is using it, brokers are taking advantage by running the stops. The brokers seem to know exactly where we have placed our stops. So day traders beware. For position traders who can afford large stop losses it still works. If any one says the fibo strategy works in day trading, it is only in hindsight. It is better to enter at breakouts of highs and lows sometimes.
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