Comments on: Fibonacci Forex Trading

By: supermalv85

supermalv85 — Fri, 25 Dec 2009 14:19:50 +0000

it’s a pretty solid explanation. But I was wondering why you didn’t mention anything about the time frame. The lower low and higher high looks heaps different from one time frame chart to the other. So which one is specifically there to use? : d

By: leveragefx

leveragefx — Fri, 25 Dec 2009 13:59:14 +0000

The 1.618 is a Fibonacci profit target to exit your trend trades at and consider counter trend IF there are other factors such as other support/resistance there and how far overextended the trend is. In doing a counter trend trade at that level I typically will look for at LEASE a 38% Fibonacci pullback to look to exit at. That should be an area to LOOK for an exit. The actual exit is often a much bigger profit than this as you need to use trailing stops.

By: leveragefx

leveragefx — Fri, 25 Dec 2009 13:20:23 +0000

Time frames to use Fibonacci are irrelevent in my opinion. A swing as defined as a movement up or down can be seen on 1 min chart, 5 min, 60 min, etc. What you should do in using Fibonacci is make SURE that the swing is at least 20 to 30 pips. Fibs don’t work well at all on tiny 10-15 pip moves. And on more volatile currencies such as GBP/JPY use 30-40 pip swings MINIMUM. Again the swing is the swing so timeframe of chart isn’t relevent for day trading. For swing trades use 60, 240 or daily.

By: forextrainer

forextrainer — Fri, 25 Dec 2009 12:29:09 +0000

very nice video

By: forexbrotherhood2008

forexbrotherhood2008 — Fri, 25 Dec 2009 11:50:00 +0000

hello thanks nice info

By: takadapapa

takadapapa — Fri, 25 Dec 2009 11:45:09 +0000

great video. Thank you.
5 stars!

By: StrikeData

StrikeData — Fri, 25 Dec 2009 11:44:59 +0000

Great video! simple and easy even for a newbie like me to understand. Excellent work!

By: flipearl13

flipearl13 — Fri, 25 Dec 2009 11:07:32 +0000

amazing video! the key to fibonacci trading is identifying which highs and lows to trace. watched this video over and over for a week and i’ve been making an average of 30pts each time i get in. try using the macd together with this and you may see a signal for a great retracement.

By: midwesttransplant

midwesttransplant — Fri, 25 Dec 2009 11:00:53 +0000

With have competing Fib patterns (for ex. one that forms over a couple of days vs. one that forms over a couple hours), how do you know which to trade. I was just stopped out on a trade from a strong short term down trend on a bounce to the 61.8 level (I shorted) but realized that the low was actually the 50% retracement on a big 2 day move and the market kept moving up.

Is that the kind of thing that you think accounts for many busted Fib trades(or news of course).

Thanks!

Thanks

By: leveragefx

leveragefx — Fri, 25 Dec 2009 10:14:56 +0000

Yes, this is exactly what we teach our traders. There are indeed Fib patterns off of different time frame trends and when they line up they are called FIB CLUSTERS. Buying Fib cluster support or selling Fib cluster resistance are some of the highest probability trades.

We also teach which Fib level to buy/sell based on our FX Multimap trend strength and where the currency is on longer term charts.
Our new FX Power Index trend tool also improves accuracy.