Fibonacci line tool - page 2

[[Deleted]]

Izzatilla Ikramov:

Dear forum users, especially those who trade using Fibonacci lines!

Please share your experiences on how/by an additional tool to identify strong Fibonacci levels. I've been using Fibonacci lines for a long time myself, but not all of the expected levels work out the way I'd like them to.

I do not trade by Fibo, but I draw it only for informative purposes. If the bottom is reached on the day/week = levels 23.6 and 38.2 work perfectly. You may choose any pair and I will show you 5-10 entries with 10-15 pips stop and 1:2 / 1:3 risk.

[Yuriy Asaulenko]

Denis Soimu:

I do not trade on Fibo, but I draw it, purely for informational purposes. If the bottom of the day/week = levels 23.6 and 38.2 work fine. You may choose any pair and I will show you 5-10 entries with a 10-15 pips stop and 1:2 or 1:3 risk.

At 1/2 risk we can predict anything. )) Even a meeting with a dinosaur - either meeting or not.

By the way, 1/2 is the worst of predictions, literally meaning complete uncertainty. A risk estimate of -1/3 is no better, if statistically, with nothing but speculative conclusions to back it up.

[Aleksey Vyazmikin]

Izzatilla Ikramov:

Dear forum users, especially those who trade using Fibonacci lines!

Please share your experiences on how/by an additional tool to identify strong Fibonacci levels. I've been using Fibonacci lines for a long time myself, but not all of the expected levels work out the way I'd like them to.

What algorithm do you use to draw Fibonacci lines?

[Izzatilla Ikramov]

-Aleks-:
And by what algorithm do you propose to impose Fibonacci lines?

I don't suggest it, I just use the simplest one - after a trend reverses from a low to a high or vice versa as the case may be

[Aleksey Vyazmikin]

Izzatilla Ikramov:
I'm not suggesting, I'm just using the simplest one - after a trend reversal from a low to a high or vice versa as the case may be

Until there is a clear algorithm for drawing Fibonacci lines, it is impossible to gather statistics about the levels the market feels.

Once the construction points are determined, we can calculate the price behaviour in relation to the levels:

- Pin bars

- Bounces

- Breakdowns

- Reversals

- Correction level in %

- Rise level in %

I collected similar statistics based on МАшиши and partially based on Fibo levels constructed using the algorithm described in this branch https://www.mql5.com/ru/forum/40157 .

There is interesting information but it has not found any practical use. However, the work has not been completed yet. The attachment contains one of the statistics files for GBPUSD M15 - the indicator MaxKorrect_Proc would be interesting - it shows the depth of correction according to the scale of Fibonacci lines (if 60, the correction is 40% of the price movement)

[khorosh]

Alexey Volchanskiy:
Because it's as bad as Elliott Waves)

Vitaly Muzichenko:
Not really, waves at least can be calculated with probability 30/70, 30 in our direction, 70 in market direction. Pisan levels are much worse, 10/90, 10 for us and 90 for whom it is clear.

No you guys are wrong. If we stretch Fibo to corrective waves, then Fibo is very good at drawing levels into the future. And often gives a very clear level, which the next impulse wave reaches, where takeprofit should be placed. There are many examples on the chart.

[Izzatilla Ikramov]

khorosh:
No you guys are wrong. If we stretch Fibo to corrective levels, then Fibo is very good at drawing future levels. And often gives a very clear level, which the next impulse wave reaches, where takeprofit should be placed. I can give plenty of examples on the chart.

I can give a lot of examples as well, but still it is not an easy task to define an important level unambiguously.

[khorosh]

Well, at least appreciate this example:

[khorosh]

Izzatilla Ikramov:
I can give a lot of examples too, but it still does not make unambiguous identification of an important level an easy task.

I'm not talking about identifying an important level, I'm just disagreeing with the statement that Fibo levels don't work.

[Izzatilla Ikramov]

khorosh:

Well, at least appreciate this example:

your approach reminded me of my friend's approach, which used the MACD to identify the historical 'big moment' (movement of lines from one zone to another) and determine future levels for a bounce