Fibonacci Question.

[tmaray]

How often does Fibonacci work, i mean how often should you redraw your fibonacci?

Thanks

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[FibMaster]

I think those are two separate questions? If you don't know how often it works, you're not doing it right ROFL.

You need to redraw the Fib studies whenever you have a new swing high in an up-move or a new swing low in a down-move.

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[marketivaster]

I usually draw Fibo on 1H chart or above

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[15jeff]

What charting software do you use?

There will normally be a toolbar that will allow you do draw a line with Fibonacci numbers automatically plotted for you.

Forex Auto Trading

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[frumnat]

Hello FibMaster,

A quick question which I hope you can help me.

I trade 60-min chart with Fibonacci. I have a tendency to update (ie. redraw) the Fibonacci lines almost on a daily basis whenever there is a new high and/or new low on the 60-min chart. Therefore, I am not too sure if this is the 'correct' way. I know you have mentioned in your last reply, but still could you please advise me if I am doing this correctly?

Thank you.

Originally Posted by FibMaster

I think those are two separate questions? If you don't know how often it works, you're not doing it right ROFL.

You need to redraw the Fib studies whenever you have a new swing high in an up-move or a new swing low in a down-move.

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[FibMaster]

Yes you have it right!

When you have a new swing high and low, you need to update your charts. To do Fibonacci studies correctly, you need to adjust them for current market action.

For example, if there is a sudden thrust in the market, you do not want to be trading off of old FibLevels..

So whenever a new swing high or low is in place, that's the time.

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[elkm]

Good thread. I've also been reading things about checking your fibonacci drawings. Like putting them on 1H charts and seeing how they react on 15Min charts. Is it of any use ?

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[frumnat]

Originally Posted by FibMaster

Yes you have it right!

When you have a new swing high and low, you need to update your charts. To do Fibonacci studies correctly, you need to adjust them for current market action.

For example, if there is a sudden thrust in the market, you do not want to be trading off of old FibLevels..

So whenever a new swing high or low is in place, that's the time.

Thank you very much FibMaster!

One more question: I was trading on a wider monitor screen today and it seemed like there was a difference in the Fib lines drawn on the 60-min chart. I have been trading on my own laptop, but I was using a wider screen desktop monitor.

Is there really a difference drawing Fib lines on different sizes of screen?

PS: MERRY CHRISTMAS

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[FibMaster]

Originally Posted by elkm

Good thread. I've also been reading things about checking your fibonacci drawings. Like putting them on 1H charts and seeing how they react on 15Min charts. Is it of any use ?

Yes, there are many traders who use the 1H & 15M combination. I like that, but am also happy with 30M & 5M in a faster market.

[FibMaster]

Originally Posted by frumnat

Thank you very much FibMaster!

One more question: I was trading on a wider monitor screen today and it seemed like there was a difference in the Fib lines drawn on the 60-min chart. I have been trading on my own laptop, but I was using a wider screen desktop monitor.

Is there really a difference drawing Fib lines on different sizes of screen?

PS: MERRY CHRISTMAS

The studies should be the same on a different screen, just zoomed in or out.
Best wishes for 2009, great trends and small draw-downs..

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