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Thread: question about drawing fibs

  1. #1
    When market produces a new low, do we draw the fib connecting it in the prior high into the new low
    And when market makes a new high, we draw a fib in the prior non to the new high?
    I've attached a picture is that right?

  2. #2
    There are many methods to draw fib amounts but in this case you would not draw the next fib until price acheived a higher high then your past high. You would then connect your most recent low to your new high.

  3. #3
    The way to draw fibo expansion in MT4? I can not place 2 things on the chart?

  4. #4
    Quote Originally Posted by ;
    How to draw fibo extension in MT4? I can not place 2 things on the chart?
    Click on the fibo button, and then draw a line from top to bottom or v.v. (i.e. click and hold left mousebutton at startpoint, release on endpoint)

    Ça c'est simple comme toujours...

  5. #5
    Fibs retracements are that: levels of retraces in line with the amount PI. So, by definition, a retracement is the pull rear part of a swing, and as such it must be drawed from the direction of the major trend.

    So, to cut it short: if the trendline points up, draw the fib from the swing's reduced to high, and viceversa.

    PSI dont pay much attention to fibs extensions as price goals myself, but I definitely swear by fib retracement levels' value.

  6. #6
    PhilI think you may be getting the fib tools blended up. There are 2 fib tools which I use with mt4. 1) that the fib retracement tool ( I use for fib retracements and extensions) 2) that the fib extention tool ( I use this for ab=cd). I believe that you may be using this to try and draw extensions. For your fib retracement tool I needed to add the fib retracement amounts that I posted above and there reciprocals. I also had to modify my fib extension tool using all the labels ab=cd etc..

    Jotty, bunch of other things about fibs and there patterns. They for sure dont work all the time. However, what I like about them is they give you an edge to lessen your stop losses and raise your r to r. Fibs ought to be attracted both ways in order to find a confluence area, ie extensions lining up with retracements. All I could say for you just need to keep drawing them till something makes sense.

    WTBI agree that you should trade with the trend, but why not use the fib extension to confirm a retracement fib? A confluence or cluster of fibs.

    Food for thought,

    David

  7. #7
    Same chart using the fib expansion instrument. I use this tool to find ab=cd's. I have 127 ab=cd and 161.8 ab=cd on there to help search for patterns. You normally have to readjust the retracement place. To do this go to charts, objects, objsect lists, then edit, parameters, then I simply changed the lowest worth to 7412 to match the high (or low if your drawing another way). And under fibo levels I only just edited the extensions. Hope I didnt confuse you. Just an easy way of drawing ab=cd's.

  8. #8
    Can anyone explain whats the difference between fib extension and fib retracement?
    I think so much what I have been using is only fib retracement.
    Would like to know how to use fib extension to find confluence
    thanks alot

  9. #9
    1 Attachment(s) ab=cd at a 61.8 fib. 1 hour euro chart. Fib retracement instrument and fib extenstion tool used.

  10. #10

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