Quote:
Originally Posted by learningfx
I have a demo with Oanda and need help with plotting Fibs ret.on the platform. I'm not sure what T.F. is Fib most reliable on. If I trade from 15 mi.chart do I plot Fibs. on 15 min charts as well as other T.F and what other T.F.?
I hope someone who is familiar with Oanda's platform can explain.
Thank you
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Hi LearningFX,
I do some basic charting and execute trades through Oanda, so I should be able to help. Sweet Pip referred you to a great thread, so be sure to check that out. As for setting up Fib retracements, it sounds like you know what to click on (in the upper right of the chart area of the platform, just next to the basic trendline button).
Now, any fib studies you draw, on whatever timeframe, will carry over to other timeframes, so there's no problem there. Which is more "reliable" begs a question: on what timeframe do you take trades? If you're using a 15 minute chart, a fib study on a daily chart does include information relevant to your trades, but depending on the daily trading range, price may never come near to the levels drawn, which are probably going to be scores if not hundreds of pips apart. So, consider going in to the 3 hour, or even the 1 hour to draw your studies (you're probably already zooming out to these TFs to check trend direction, etc.), then zoom back in to the 15 minute for trade entry and management.
Fib studies are fractal, which is obscure shorthand that basically amounts to saying you can draw fib studies on multiple TFs - they will tell you different things because they take in different prices ranges, but they would all be equally valid. So, feel free to draw on the 1 hour, but also draw separately on the 15 minute - if you can keep them straight and it doesn't muck up your chart too badly to be of use, it may be helpful.
Andrewunknown
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