Do you believe in Fibonacci levels?

[isfurlan]

I'm trying to incorporate Fibonacci levels to my trading system. However I don't know whether retracements or extensions are more suitable for a trend following strategy.

 

[matejfx]

Do a history analysis and you will know, if the fibonacci levels works. I believe in fib levels and also use them.

 

[andre42]

Friends, you probably heard about the waves of Elliot and VSA (volume analysis) and heard about their strength. Undoubtedly, these are complex systems, but they not only provide understanding, but also help to build a system without which existence in financial markets is simply impossible.

 

[Shallen Berry]

I'm trying to incorporate Fibonacci levels to my trading system. However I don't know whether retracements or extensions are more suitable for a trend following strategy.

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[John Candee]

I'm trying to incorporate Fibonacci levels to my trading system. However I don't know whether retracements or extensions are more suitable for a trend following strategy.

Fib extensions are to figure out your price targets for exiting a trade while retracements are your support targets for entering on a reversal.

 

[frodo77]

Fibonacci is extremely powerful, and well worth learning. There are lots of free videos out there. Curtis Kobane is a master of fibonacci.

 

[nikolayvn]

I'm trying to incorporate Fibonacci levels to my trading system. However I don't know whether retracements or extensions are more suitable for a trend following strategy.

Fibo levels work but you need to know exactly when - you should mostly try 50 and 61.8 and 20 and 30 only with additional support or resistance level in my opinion

 

[jmd1982]

i find them to be a good addition along with other TA to help add confluences.

 

[hazlamiazrin]

Backtest with other indicator. Fibonaci retracement is great for swing trading . For scalping- (Minimum risk) or day trading(high risk & high volatility)

 

[Josep2]

extensions will allow you to determine the range of the wave

 

[spliced27]

Trading is about psychology. Fibonacci is a self fulfilling prophecy

 

[hakan222]

after an impulse, I look closer at %38.2 and %61.8 retracemnt levels. İt generally works

 

[kittclouds]

Too many times i have seen them fail. on a very particular setup I seen them work

 

[zuluwarrior]

Yes fib is great but you need to know how to read it, unfortuantely i dont

 

[Rvlxssss]

Yes but it need some time and hard work to properly use Fibbonaci

 

[mlawson71]

I think the Fibonacci levels are pretty accurate most of the time, at least that has been my experience.

 

[Sherverty]

There are different ways one can draw fibs, with that said, you could populate your entire chart with fibs until it's black. Personally I don't think they work. There is an article on the net, (dont have bookmark handy) that does pretty good analysis on fibs and trendlines.

 

[vmwaree]

Yes but you need to know how to use it. Lot of poeple ignore how to use it properly. I see it everyday on Youtube

 

[zhurs]

I think that there are so many FIBO levels that any of them could work at the moment

 

[lula2022]

Correctly placed Fibonacci is an excellent tool, but use reading with the aid of other indicators.