I want to Know When I draw Fibo

FTMO Trader Scouting
jony92 said:
I want to Know When I draw Fibo..Which point is best to draw Fibo level..
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Swing Highs to Swing Lows
Swing Lows to Swing Highs

imho it's a vastly overrated tool. The actual ratios are based on Mumbo Jumbo, although often have some meaning as lots of Traders like Mumbo Jumbo, http://en.wikipedia.org/wiki/Mumbo_Jumbo Fibs are based upon pseudo science, similar of Numerology, Astrology, Palm Reading, Iridology etc

Suggest that you use fibs only to draw you eye to the Order Blocks. ie as a retacement tool, 65% has as much meaning as 61.8 or the other 'magic' numbers.
 
rod178 said:
Swing Highs to Swing Lows
Swing Lows to Swing Highs

imho it's a vastly overrated tool. The actual ratios are based on Mumbo Jumbo, although often have some meaning as lots of Traders like Mumbo Jumbo, http://en.wikipedia.org/wiki/Mumbo_Jumbo Fibs are based upon pseudo science, similar of Numerology, Astrology, Palm Reading, Iridology etc

Suggest that you use fibs only to draw you eye to the Order Blocks. ie as a retacement tool, 65% has as much meaning as 61.8 or the other 'magic' numbers.
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lol, who are you trying to convince... him or yourself?? :))
 
the golden gun said:
lol, who are you trying to convince... him or yourself?? :))
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I only deal in facts, not wishful think or self delusion

http://www.lhup.edu/~dsimanek/pseudo/fibonacc.htm
 
rod178 said:
I only deal in facts, not wishful think or self delusion

http://www.lhup.edu/~dsimanek/pseudo/fibonacc.htm
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I don't care what you believe or use in your trading, but thought it was funny how you answered this guys question and in the same breath denounced the use of the tool. lol

don't you see how that makes you look? :p
 
the golden gun said:
I don't care what you believe or use in your trading, but thought it was funny how you answered this guys question and in the same breath denounced the use of the tool. lol

don't you see how that makes you look? :p
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... like I was trying to help him avoid wasting his time
 
some rational discussion on the use of Fibs in Trading http://www.forexfactory.com/showthread.php?t=418659
 
rod178 said:
No a Fib was pulled or required.
Fibs are only (sometimes) of passing interest in retrospect.
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Now you are denying the setups i posted in realtime? :p

-P
 
the golden gun said:
no it's confusing because ICT uses fibs, and doesn't denounce them like you do.
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if you look carefully you may realize that he uses Fibs more to assist in his teachings rather than as a definitive Trading Tool. eg to paraphrase "use fibs to draw your eye to the Order Block".

As such they should be used as a rough retracement tool, say 60% to 80% zone, not some definitive ratio. there is nothing predictive about fib ratios, they are only reliable in retrospect and maybe only of use by beginner/intermediate Traders having difficulty identifying Order Blocks.
 
ICT many times said the He uses Fibs because of Order Blocks OTE is just closest to OB without OB there would have been no Sweet Spot.
 
jony92 said:
I want to Know When I draw Fibo..Which point is best to draw Fibo level..
Click to expand...

To answer Jony92's actual question:

The Current Range on the Daily Chart (Swing Point to Swing Point);
From the Swing Points (H1 or lower) that Price Moves away from RAPIDLY. Speed is a sign of value of the swing point.
 
How did these silly Fibs get in the trader introduction section? :p

*moves thread*
 
Anyone help me in figure out Order block candle ? I am seraching a video about " Order block " Of ICT ..plz give me link
 
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