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  1. #1
    Administrator Martin Kay's Avatar

    Hot Quickfib – A Little Fibonacci Help Could Do Miracles !!!

    Hi, guys! Bogdan has new Article on the Quickfib Tool – a smart tool which will determine for you the Fibonacci retracement levels on your chart. Check this article and see how it works!

    Originaly posted by Bogdan G.

    Most of us know about Fibonacci, his Golden Ratios and how Fibonacci levels can be used as Support and Resistance, but just to refresh your memory, you could read Fibonacci for Binary Options Review. However, the main problem when using Fibonacci levels is the subjectivity involved. Different traders can identify different swings high/ low and that will generate different levels for the Fibonacci retracement. With the help of a little custom indicator called QuickFib, we can overcome that inconvenient and transform Fibonacci levels into an objective tool.

  2. #2
    Solid Member susan's Avatar
    What do you think guys about this tool and Fibonacci in general? Do you have experience with using it? How often it gives profitable signals – do you have any statistics?

  3. #3
    Master Member Bogdan G's Avatar
    Susan, you will never find statistics on any indicator because its rate of success depends on who uses it. If we would have a reliable statistic, trading would be easy: just follow teh signals from the top ranking indicator. Fibonacci is a reliable indicator, but its strength comes from teh fact that a lot of traders use it. That makes its levels stronger. If you are interested, read my article on Fib. http://www.binaryoptionsthatsuck.com...or-not-to-use/
    All the best

  4. #4
    Legendry Member willyw's Avatar
    Quote Originally Posted by susan View Post
    What do you think guys about this tool and Fibonacci in general? Do you have experience with using it? How often it gives profitable signals – do you have any statistics?
    Susan, statistics could not be tracked trading with any technical indicators. Traders may uses the same indicators but results may varies, ie they can be flexible in so many ways. For example the fibo, traders chosing the peak and trough to analyze the fibo levels are sometimes differ from each other.

  5. #5
    Solid Member susan's Avatar
    Quote Originally Posted by Bogdan G View Post
    Susan, you will never find statistics on any indicator because its rate of success depends on who uses it. If we would have a reliable statistic, trading would be easy: just follow teh signals from the top ranking indicator. Fibonacci is a reliable indicator, but its strength comes from teh fact that a lot of traders use it. That makes its levels stronger. If you are interested, read my article on Fib. http://www.binaryoptionsthatsuck.com...or-not-to-use/
    All the best
    I read your article Bogdan. It is very good and explaining but I am not sure how to use fibo tool as there is no way to prove it is working statistically. I know there are many ways to use every tool or indicator but there always exist some sort of systematic way of trading where the predictive power of the tool could be measured. And also it is very interesting why Fibonacci levels are so well working, is it only as Bogdan suggested because of that a lot of traders are using them, or it is something in the nature of the market that makes them working.

  6. #6
    Legendry Member willyw's Avatar
    Quote Originally Posted by susan View Post
    I read your article Bogdan. It is very good and explaining but I am not sure how to use fibo tool as there is no way to prove it is working statistically. I know there are many ways to use every tool or indicator but there always exist some sort of systematic way of trading where the predictive power of the tool could be measured. And also it is very interesting why Fibonacci levels are so well working, is it only as Bogdan suggested because of that a lot of traders are using them, or it is something in the nature of the market that makes them working.
    Choosing peaks and troughs in fibo is the key point and also the frame time involve. If you use a 30 min chart, the peak and trough that you identify might not exists in other time frame charts, ie a peak and trough in a 30min chart might not be even the high or low in other time frame charts.

  7. #7
    Master Member Bogdan G's Avatar
    Quote Originally Posted by willyw View Post
    Choosing peaks and troughs in fibo is the key point and also the frame time involve. If you use a 30 min chart, the peak and trough that you identify might not exists in other time frame charts, ie a peak and trough in a 30min chart might not be even the high or low in other time frame charts.
    Yes, well said willyw. That's why I say Fibs are subjective and different traders will see different peaks and troughs.

    As for your question, susan: there is a way to have your own statistic for Fibonacci. But this statistic will track only your own performance with the tool, not others and it also requires a lot of work. If you are ready and willing to do it, here is how: http://forums.binaryoptionsthatsuck....=4676#post4676
    One more thing: I never tried to test the QuickFib tool using the methods in the link I gave you. In fact, I didnt even test the normal Fibonacci tool, but it can be done.
    Real reason why Fibonacci works: it's cool and everybody wants to use it. That's why the levels generated are strong...sometimes. After all, it doesnt hurt to put it on a chart as extra confirmation.
    All the best
    B.

  8. #8
    Legendry Member willyw's Avatar
    Quote Originally Posted by Bogdan G View Post
    Yes, well said willyw. That's why I say Fibs are subjective and different traders will see different peaks and troughs.

    As for your question, susan: there is a way to have your own statistic for Fibonacci. But this statistic will track only your own performance with the tool, not others and it also requires a lot of work. If you are ready and willing to do it, here is how: http://forums.binaryoptionsthatsuck....=4676#post4676
    One more thing: I never tried to test the QuickFib tool using the methods in the link I gave you. In fact, I didnt even test the normal Fibonacci tool, but it can be done.
    Real reason why Fibonacci works: it's cool and everybody wants to use it. That's why the levels generated are strong...sometimes. After all, it doesnt hurt to put it on a chart as extra confirmation.
    All the best
    B.
    Yes Bogdan, its good to put fibonacci on charts so you can monitor fibonacci level as you analyze and trade. As for Susan putting fibonacci on all your charts you can get a quick glance at the fibonacci levels as prices moves/changes.

  9. #9
    Active Member aquaeyed's Avatar
    Quote Originally Posted by Bogdan G View Post
    Bogdan G says:
    July 31, 2013 at 10:32 am
    BTW, if you need more info on Fibs or the Quickfib indicator, I’ll be happy to help
    snx for keeping answer to all newbies here =)

    I asked about big tall orange rectangle on the right side of 1st chart on the quickfib indicator post. what its heights, width and location telling to me?
    snx a lot.

  10. #10
    Junior Member
    Couldn't you simply test your strategies by activating all your indicators and check, say, a week or two backwards.
    Then when the indicators say call or put, you check if the outcome would indeed be the desired one.

    Would that not work?

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