Quote:
Originally Posted by tonymand
Have only just started putting them on my charts. Simply looking to see if they identify a more reliable grid for the fib retracement approach than my usual 'eyeball' method
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Thanks. Yes, I've been using them for several weeks now and have come to the realization that they are somewhat helpful on a larger timeframe; perhaps, in the H1 and up. On the smaller timeframes it is useful for scalping. In many cases, in the smaller timeframes, the zigzag forms before the trend ends and frequently you are left taking profit a little early. But it is a very helpful tool when analyzing possible uptrends and reversals. Let me know what your data tells you.
S.