SFMc01
358 posts
msg #137991
- Ignore SFMc01 |
9/6/2017 11:03:03 AM
Does anyone have success with a filter using Fibonacci lines?
Thanks,
Steve
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pthomas215
1,251 posts
msg #137992
- Ignore pthomas215 |
9/6/2017 11:10:52 AM
Yes, I use them for gap trading...i.e. I take the largest higher volume stock in pre market that has dropped the most and run retracement on it to see what level it is at and where it is most likely going to. I use 2 year, weekly time frame the most to see clear and defined inflection points. that said, price movement and visuals drive most decision making. i.e. when a price is notably outside the bollinger band, i just get in...it always comes back the other way.
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SFMc01
358 posts
msg #138007
- Ignore SFMc01 |
9/6/2017 9:12:59 PM
pt: Thank you
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pthomas215
1,251 posts
msg #138008
- Ignore pthomas215 |
9/6/2017 9:41:59 PM
youre welcome. My point on that is sometimes you have a Fibonacci retracement level you expect it to get to when dropping and it doesnt quite go to that expected support level--and more important is the support level you can see visually that it recently tested multiple times and would not drop below it. But I think it is useful. I didnt get in TRVG today but I used it to see the levels it would drop to. could have picked it up at the open for 10.80 and it ran to 12.30 or so I believe by days end. Yet one more "wish I would have....."
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