Fibonacci Retracements

[new_trader]

Anyone else notice the level of that first 100% retracement level on the FTSE ... 6,180. Spooky...

Very spooky

I can hardly wait to see what the next 100% level will be...there is definitely a pattern.

 

[10pips]

[deleted comment]

 

[kenobi]

How many traders in here use Fibonacci?

i like it with mozzarella and sundried tomatoes.

 

[10pips]

[deleted comment]

 

[Hoggums]

i like it with mozzarella and sundried tomatoes.

Personally I think they are numbers plucked out of thin air with little real scientific basis - however they are also self-fulfilling prophecies. Many traders place their limits & stops at fib levels which in turn influences the market. They are particularly effective during "technical" trading days/weeks where there is no fundamental news to affect sentiment. However throw in an unexpected piece of news and you can toss your fib levels out of the window.

 

[fibonelli]

Nature and the Fibonacci Number Sequence
http://www.mcs.surrey.ac.uk/Personal/R.Knott/Fibonacci/fibnat.html

Here's a wide range of occurrences of the Fibonacci number sequence in architecture, art and music
http://www.mcs.surrey.ac.uk/Personal/R.Knott/Fibonacci/fibInArt.html

.......... and yes I have seen price hang around Fib levels far too often to dismiss as purely random even if it is self fulfilling.

 

[10pips]

Totally agree.

 

[dbphoenix]

Throw enough virgins into the volcano . . .

(http://www.trade2win.com/boards/showpost.php?p=363994)

 

[zosorock]

They are particularly effective during "technical" trading days/weeks where there is no fundamental news to affect sentiment. However throw in an unexpected piece of news and you can toss your fib levels out of the window.

On my experience, even when a piece of news comes out and affects the price of a security, it will rally up or retrace to a fibo level. So, yes, it is self-fulfilling but a valuable piece of information, nonetheless

Just my 2 cents.

 

[zosorock]

Good point, but I'm not asking for a method statement or procedure, just a level. No different to a live trade call. Even a paper one...for Charity

I would tell if I was at that level of fibo knowledge.

I don't think it makes any difference if someone else uses something I discovered to make money... is not like I am not going to be making money out of it, so what if other people are making too? Hell, if I could get 200 people to buy the same shares I am buying we could, probably, all profit from the little rally that will generate :cheesy:

Or, how about this: I will tell you the next level if you promise to donate 10% of the money you will make to the ONE Campaign

 

[a2z]

Thanks

 

[johyman]

I could not agree more with you.....it doesn't matter about a good idea...If it's not used then it doesn't help anyone else....I have alot of good ideas and some make money and some don't....I sometimes think that maybe the Idea I don't know about might not only help me, but the person with the Idea, too...It works both ways...You can email me at [email protected] or call me 803-661-5002 my name is John Hyman

I would tell if I was at that level of fibo knowledge.

I don't think it makes any difference if someone else uses something I discovered to make money... is not like I am not going to be making money out of it, so what if other people are making too? Hell, if I could get 200 people to buy the same shares I am buying we could, probably, all profit from the little rally that will generate :cheesy:

Or, how about this: I will tell you the next level if you promise to donate 10% of the money you will make to the ONE Campaign

 

[jon1971]

Yeah fib is great and amazing how it is spot on so often.

Question is...

Is there a natural order to price action or is it a self fulfilling prophecy? Same for Elliott...

 

[klimentshop-com]

I too agree that Fibonacci is very helpful.

For counting days I am using Fibonacci numbers, Fibonacci twin numbers...creating triangles...and predict the day market makes high or low.