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  1. #1
    Solid Member Zanadu's Avatar

    How to plot Fib levels !!!

    Hi,

    Could someone explain how to plot Fibonacci levels.

    Following is the way how I have plotted. Is that the right way ?

    http://www.mql5.com/en/charts/141126...apital-markets

  2. #2
    Master Member Bogdan G's Avatar
    Nope, sorry. Here's a thread that discusses this matter: http://forums.binaryoptionsthatsuck....with-Fibonacci
    You will also find there a link to one of my articles regarding teh use of this tool. In fact, here is the link http://www.binaryoptionsthatsuck.com...or-not-to-use/
    If something is not clear after reading the thread and article, ask me specific questions and I will try to answer them.
    Cheers

  3. #3
    Solid Member Zanadu's Avatar
    Thank you Bogdan

  4. #4
    Master Member Bogdan G's Avatar
    Quote Originally Posted by Zanadu View Post
    Thank you Bogdan
    You're welcome my friend.

  5. #5
    Specialist Member RCox's Avatar
    Any time you draw Fibonacci, there is subjectivity involved. There is no "right" answer, but there is an answer that the majority agrees with. This is essentially what you are trying to do, so you should only use very clear price moves when making your decisions.

  6. #6
    Legendry Member Michael Hodges's Avatar
    Richard is right. Fibs are subjective, you have to pick what you think it the bottom and the top, sometimes before they form. Fibs are levels to watch for signals, not concrete areas where signals may form. Sometimes fib analysis measures how close a retracement comes to a level, not that it touches or crosses it.

  7. #7
    Legendry Member willyw's Avatar
    When using fibos; price might not always touch and reverse and always we must give +/- some allowance. Price might reverse just before a fibo level or it might penetrate the fibo level then reverse

  8. #8
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by willyw View Post
    When using fibos; price might not always touch and reverse and always we must give +/- some allowance. Price might reverse just before a fibo level or it might penetrate the fibo level then reverse
    Look for the signals NEAR the fibo, then analyze the signal in terms of the trend and where it occurred in relation to the fibo.

  9. #9
    Specialist Member RCox's Avatar
    Quote Originally Posted by Zanadu View Post
    Hi,

    Could someone explain how to plot Fibonacci levels.

    Following is the way how I have plotted. Is that the right way ?

    http://www.mql5.com/en/charts/141126...apital-markets
    Yikes, I didn't look at the graphic until just now. Did you read somewhere that this was the correct way to plot Fibs? I'd love to read that site.

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