how to plot fibonacci?
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thread: how to plot fibonacci?

  1. #1

    how to plot fibonacci?

    Ok another question that is embarassing. When plotting fibonacci levels I'm perplexed.

    My understanding when looking at fib retracement levels is you always begin at the swing low and the swing top. For me this usually means that fib degree 100 is always on the base of my chart and 0 is on top of my chart. However some charts I noticed have 0 in the base and 100 in the top. This should not matter right?

    Where do fib extension levels come in? Are fib's called retracement degrees when in an uptrend and whistles when in a trend?

  2. #2
    I was also taught the smaller the percentage retrace, the stronger the possible resistance/support, ie the 23.6 is most likely to hold, followed by 38.2, 50 and eventually 61.8. Would anybody agree or agree that that is the case? Would be very curious to know...

  3. #3
    Think real hard about this. If you have a high and low, it doesn't matter at all if the 100 is around the top or at the bottom.

  4. #4
    Where would you fib extension levels come in? Are fib's called retracement degrees when in an uptrend and extensions when in a downward trend?
    The retracements are revealing that the levels between two understood prices, ie, price goes from 3600 to 3700. The 50% retracement is 3650.

    An extension is projecting to the future into unchartered land. It takes three understood prices and it then shows numerous projection levels.

  5. #5
    Junior Member anpknio.abs's Avatar
    28
    Think real hard about this. In case you've got a large and low, it doesn't matter at all if the 100 is on the top or at the bottom.
    I believe when it is 50% it is a fair statement, but would not think so if you are discussing other people

    Just my two cents, I may be wrong (I am a newbie as well)

    If at an uptrend and market goes and adjusts to non , a retracement to 2800 out of state a large of 3000 and low of 2500 would be in the 61.8% area (approx) but it might be weird if you said the retracement was 23.6%.

    You're correct about plotting the swing high/lows. Just remember the short cut: When drawing on a swing low to high in the case of an uptrend start at the base and move up just like the trend motion. Reverse this for a short move.
    This seems more like it when I plot it onto a chart.

    Cheers
    Mike

  6. #6
    Member ina99's Avatar
    98
    I believe when it's 50% it's a fair statement, but wouldn't think so if you're discussing other people

    Just my 2 cents, I may be wrong (I am a newbie too)

    If at an uptrend and market goes and adjusts to low , a retracement to 2800 out of state a large of 3000 and low of 2500 are in the 61.8% area (approx) but it would be weird if you stated the retracement was 23.6 percent.

    Cheers
    Mike
    Mike, what Dopey is stating is proportionally the 38.2and the 61.8 are at precisely the same region at opposite ends. As well as the 23.6 and 78.4 are the same manner.

    So, it is fairly simple to keep it clear in one's mind whether it is a 61.8 or even a 38.2 and from which direction. It could be a 23.6 and 61.8

    However, It's likely to be a confluence of 38.2 and 61.8 of a bigger amount pivot from the focus stage

  7. #7
    Yep, what he said.

  8. #8
    Junior Member anpknio.abs's Avatar
    28
    Mike, what Dopey is stating is proportionally the 38.2along with the 61.8 are at the exact same place at opposite ends. And the 23.6 and 78.4 are the exact same way.

    Therefore, it's fairly easy to keep it clear in one's mind whether it's a 61.8 or even a 38.2 and from which direction. It never could be a 23.6 and 61.8

    However, it's possible to be a confluence of 38.2 and 61.8 of a smaller amount pivot out of the focus stage
    thanks to the insight.

    By how exactly does 1kt mean ? Alongside yours and dopey's name

  9. #9
    Member ina99's Avatar
    98
    No problem... A fantastic book on the topic is Joe DiNapoli's book It is a bit expensive though, I believe that it is roughly $160.

    That the 1KT is here https://www.cliqforex.com/general-fo...-yr-notes.html

  10. #10
    Junior Member anpknio.abs's Avatar
    28
    thanks scott!

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