Swing Trading Fibonacci Time Zones
Author:
Using fibonacci levels is most often done in relation to price, but it can be used for time as well. Works with day trading, swing trading, stock trading, forex, futures, eminis, etc.
phsplaya4242, My favorite advanced charting program is NeoTicker from TickQuest.
Whats your opinion on the efficient market hypothesis?
VOLUME
Cool stuff. I have been using Sharpcharts – free version – maybe it’s time to pay the money.
Good video on the time zones, but I have to disagree with you on the wicks. The fact that price was there at one point is very beneficial to see what happens when price comes again to that point. Although it rejects that price for the time being, it certainly creates a new mark for future support to be possibly breached.
Good information. I agree with Barry that the real body of the candle is the real market. The higher and lower shadows (wicks) are the extremes. Steve Nison’s books teach this. Market makers run prices down to hit stop loss orders and they run it up to extremes to hit the Shorts stop loss orders. The people buying at highs and selling at lows might not be the most sophisticated traders/investors. Thanks for the free videos, Barry.
As far as tails:
It comes down to luck of the draw, IMO.
Imagine that you’re looking at 1 min charts, and the price actually printed at the low when the time period closed. In that case, it wouldn’t leave a tail, but a whole candlestick. That fact alone might influence the market to drop the price even lower, so it’s all about timing and luck of the draw. I generally don’t buy UNLESS the prior time period printed with a favorable candlestick; too risky for a print to turn before it closes
do fib time zones work because people use it? Or is it because for some amazing method, it works?
then use ticks instead of time charts
I used the advice from the OTCSP newsletter and things have been going really well now, thanks for asking.. you should check it out too, its free anyway.. authoropen . com