Fibonacci Retracement Levels

[dpinpon]

Which website on fibonacci retracement you think are worth to study, Ive looked some and say nothing unless you buy their books. I play on IPC mexican market and see that retracements usually concur with entries and exits. Ive been playing for 2 years now and had good utilities. Retracements used are 38.2, 50 61.8 and extensions are 123.6,161.8,200,261.8,323.6,423.6. I just got metstock v10, and projections are included, but usually dont concur with entries or exits. Am I right with extensions am using, I see you are an expert on this and would really apreciate your reply, since metastock only suggests 161.8,261.8,423.6 for extensions.
Greetings
DPINOpon

Sorry, forgot something, i dont anything on FX, only mexican stocks.

 

[johyman]

Hi, My name is John Hyman and I have been Daytrading for 3 years and have been using the Moving Averages and just started usibg Fibonacci the last 4 weeks and have found some real interesting things about it... Thanks John Hyman




As a new boy to T2W can I ask if anyone makes much use of Fibonacci retracement levels?

I have found that candlestick reversal indicators occuring at 50% retracement level are very reliable, about 65%, although not necessarily to the degree that gives a significantly profitable trade.

Sufficient though for me to double my normal trading size when a swing high (low) is associated with a candlestick reversal indicator at around the 50% retracement level.

I'm not sure why the 50% retracement works so well as resistance (support). Maybe it's something to do with supply and demand theory being the point at which the number of buyers and sellers should be equal. Any thoughts?

Jon[/QUOTE]