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Fibonnacci expansion is a magical tool

m_gazar
Aug 26 2011 at 12:56
8 posts
hi guys,,,,

I've trading for a demo account to trying some techniques using the harmonic patterns and fibbonacci expansion tool in mt4 and they were amazing,,, that's what I wanted to share with you,,,, check my profile to see the performance with the lowest risk ever,,,,,,,,

the fibonnacci expansion tool is applies to catch the ab=cd harmonic pattern,,,,, results become more accurate when the end of pattern coincides with a previous support or resistance level......

Try it and tell me,,,,,

bye

James_Bond
Aug 29 2011 at 14:27
556 posts
I've tried it in the past, however I didn't find any special areas where price hangs or moves faster.
I think the human mind is wired in such a way, that if you look for something, you will find it, even if it's not there.

As an example, I can draw some random lines, and you'll get the same behaviour around those lines just like with the Fibonacci.

Do share with us your findings though, as I'm always open for new ideas.

pietpip
Sep 01 2011 at 11:07
14 posts
I dont like the extensions that much but i use the retracements a lot. Not to find a entry but to predict where the current entry may end. It's true what your saying JB, i like fibs becuase it helps to create order in what i see and reference areas for my trade. The mind need to organize chaos and we get nervous if we dont understand what we see. That's why indicators are so popular, it takes the movements and dilutes it so we can find patterns on them.
Some people are good enough to understand what is going on by looking at a chart. It's like taking a picture of something up close and telling everyone how big and small it is. By adding a match stick to the picture we can then understand how big or small it really is. We need those matchsticks and i believe FIB levels,pivots and R&S lines are vital to find the size of the move. Good luck with your descovery m_gazar.

James_Bond
Sep 01 2011 at 11:43
556 posts
pietpip, there was an excellent discussion about random data which I think you would be interested in reading: https://www.myfxbook.com/community/general/random-not/97088,1

pietpip
Sep 01 2011 at 12:23
14 posts
Thanks for sharing that JB, that was truly amazing. You must also remember that businesses rely on random nature of customers to predict targets. We are not very diffirent in that sense as we try to make sense using avarage calculations and hystorical data which in turns creates a comfort zone and strategic planning. The reason business makes money and some of us dont comes down to money management. This article did open my eyes a little more as i always, had the same assumptions but speki hammered it into the wall with this story. Thanks for that, i will follow this with great interest 😀

m_gazar
Sep 02 2011 at 07:47
8 posts
hey my friends thank you for sharing your experience with others,,,,
Actualy my trading system is manual and simple at the same time and you can track my performance at my profile,,, it depends on tracking the fibo expansion of 100% to have the pattern of ab=cd (Harmonic) and I try to pick this pattern in coincidence with another support or resistance in addition to a divergence with RSI,,,,, therefore, AB=CD + previous support or resistance at the same level of the end of the pattern and increase my confirmation if there is a divergence with RSI,,,, now I'll have two or three evidences that prices will reverse then I open my position and leave it for some time,,, on average I make around 40 or 50 pips within 2 hours max,,,,,,,,

that's it,,,, and I'll be glad if shared your information and experience with me,,,,,,
Thank you

Liquidice
Sep 05 2011 at 22:10
6 posts
If you're interested in using fibonacci numbers, you should read part of the book 'High Probability Trading Strategies' by Robert Miner, in chapter 4 titled 'Beyond Fib Retracements', he explains how you can mix Fibonacci expansions and Fibonacci retracements to find high probability reversal points. I know I've found it helpful, and I haven't absorbed all of the information yet.

porquilho
Sep 26 2011 at 17:40
46 posts
hey you are in the contest too. :D Liquidice .. you had bad luck :(

Liquidice
Sep 26 2011 at 19:00
6 posts
Not bad luck lol, just no trading rules lol.

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