hello there, i have been following fib nos for some time now but i don't find them particularly useful to trade just using them for either trade direction or even targets...though they are good in buying on pullback s
For example the above chart of nifty http://1.bp.blogspot.com/_C9ur7UMFJFc/Sjznl_Yv6hI/AAAAAAAAAWU/wFtm2sM8Udc/s1600-h/nifty+tgt+30.png
why did you select 4692 and 4262 level for fib reference points....why not 4692-4528 or 4692-4426 or 4692-4320 or 4692-4200?
we can choose infinite points to draw fib numbers which will give infinite fib levels....more over we can further draw level on different time frames like 1,5,15,30,60 mins,1day,1week ,1 month...that will virtually give every number a fib level
if you can explain the basis of selecting points of reference on different time frames that will be great
just want to point out as well that few chart dont open full screen...like the latest SBI chart(third one )....open up as thumb nail
1 comment:
hello there,
i have been following fib nos for some time now but i don't find them particularly useful to trade just using them for either trade direction or even targets...though they are good in buying on pullback s
For example the above chart of nifty http://1.bp.blogspot.com/_C9ur7UMFJFc/Sjznl_Yv6hI/AAAAAAAAAWU/wFtm2sM8Udc/s1600-h/nifty+tgt+30.png
why did you select 4692 and 4262 level for fib reference points....why not 4692-4528 or 4692-4426 or 4692-4320 or 4692-4200?
we can choose infinite points to draw fib numbers which will give infinite fib levels....more over we can further draw level on different time frames like 1,5,15,30,60 mins,1day,1week ,1 month...that will virtually give every number a fib level
if you can explain the basis of selecting points of reference on different time frames that will be great
just want to point out as well that few chart dont open full screen...like the latest SBI chart(third one )....open up as thumb nail
link
http://3.bp.blogspot.com/_C9ur7UMFJFc/Sj2Ztc-WUcI/AAAAAAAAAWc/0pa9NRuEB8U/s320/SBI+1906.png
charts are great... nice way to learn ....keep up the good work...thanks and best wishes
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