Fib Retracement Trading...

[tonymand]

Originally Posted by Sweet Pip

ok, now I'm confused again

In my MT4, it isn't called "Extention" ...I have an "Expansion"...same thing?

Below is how my fibs look...first is retracement, 2nd is expansion.

So tonymand, it looks like you drew an uptrend fib...so why do the grid lines go down ...aren't they supposed to go up?

Put them whichever way you want, depends what you are trying to show

[Sweet Pip]

Well, if I'm trying to "show" someone how to draw a fib extention/expansion in an uptrend, to target a take profit at a "higher" price, I would draw them according to the instructions provided by babypips school. If someone is asking for help using the software, I feel asking them "what their problem with it is", and showing a "questionable" chart example of how it's not for you.. is rather rude.

This link shows babypip's screen example...



...which sorry, doesn't draw like yours. So to make a statement as you did, may make sense to someone who's been doing it for awhile, but us beginners need something more concrete than ...

Originally Posted by tonymand

Put them whichever way you want, depends what you are trying to show

Your chart shows the candles in an uptrend... the retracement grid looks correct...but your extention levels are way below down...so are you doing both at the same time meaning if the trend "dramatically" (which I guess it could) reverses then are you looking at t/p levels for a "sell" trade instead???

[tonymand]

Originally Posted by Sweet Pip

Well, if I'm trying to "show" someone how to draw a fib extention/expansion in an uptrend, to target a take profit at a "higher" price, I would draw them according to the instructions provided by babypips school. If someone is asking for help using the software, I feel asking them "what their problem with it is", and showing a "questionable" chart example of how it's not for you.. is rather rude.

This link shows babypip's screen example...



...which sorry, doesn't draw like yours. So to make a statement as you did, may make sense to someone who's been doing it for awhile, but us beginners need something more concrete than ...




Your chart shows the candles in an uptrend... the retracement grid looks correct...but your extention levels are way below down...so are you doing both at the same time meaning if the trend "dramatically" (which I guess it could) reverses then are you looking at t/p levels for a "sell" trade instead???

Do you now. Well I guess thats your perogative. Since the use of the fib tool on all platforms requires simply that you go from peak to trough or trough to peak depending whether you are looking for a retrace or extension this is hardly rocket science adn you had already pointed this out in a post. Hypnos is the one to decide if the response was useful or not but his statement that his fib didnt work makes no sense and clearly he did not understand your attempt to explain it so seeking clarification on that seems to me to be quite appropriate ie 'what is your problem with this'

[Sweet Pip]

No it's not "rocket science" (dont recall ever pointing it out that way?) to see that the Extention levels are supposed to continue in the direction of the grid drawn...so if you want to keep drawing them "your" way, I guess that's your perogative.

[hypnos63]

guys, tony & s pip,

the fib tool on MT doesn't work they way the baby pips example works. it could just be that in the babypips example, they used a different tool. so the question is how does it work on MT4? i have been trying and it won't do it properly. if i click on the low and then move to the high and click, thats it. if i try to drag to other low, it just creates a new set of bibs and doesn't extend, or extends in the wrong direction. so does anyone jnow how to do it on MT4? i have no problems with ant response i received on this site.

this business is so huge and there are so many variables a particular idea or startegy/advice has to be proved right so manytimes in so many different situations that it takes a while to sort out who's right from wrong.

any way can anyone say how to do it on MT4?

thanks

hypnos63

[hypnos63]

and tony your MT4 fib extension isn't the one in the baby pips example, of course i can draw a straight fib extension like the one in your thumbnail now that i have found the right button

but i can't yet do it like in the babypip eample like i've been saying.

thanks

hypnos

[Sweet Pip]

Since this topic is about Fib "retracement" and not extentions, if you can't get it to draw properly, then it might be more appropriate to open up or find another topic to discuss so to keep this one about trading.

Babypips examples come from a different platform so you will NOT be able to make it look exactly the same. Further to that the video in babypips demonstrates drawing the grid by clicking on the low, then clicking on the high and then a 3rd click on the next low. That's not how it's done in MT4...you have to click & hold the mouse on the low, and drag it up to the high and then release, the default extension line is included at that time but like I said you then have to realign it to the next low.

I do agree that my MT4 didn't seem to draw the fibs correctly after I first installed it, and I had to edit the indicator to get it draw the levels according to babypips examples...you may have to do the same. I will try to get some screen shots later to help explain how to do that if you'd like me to.

[Sweet Pip]

Originally Posted by hypnos63

guys, tony & s pip,

the fib tool on MT doesn't work they way the baby pips example works. it could just be that in the babypips example, they used a different tool. so the question is how does it work on MT4? i have been trying and it won't do it properly. if i click on the low and then move to the high and click, thats it. if i try to drag to other low, it just creates a new set of bibs and doesn't extend, or extends in the wrong direction. so does anyone jnow how to do it on MT4? i have no problems with ant response i received on this site.

this business is so huge and there are so many variables a particular idea or startegy/advice has to be proved right so manytimes in so many different situations that it takes a while to sort out who's right from wrong.

any way can anyone say how to do it on MT4?

thanks

hypnos63

I've created a new post on this subject here:
Drawing Fibonacci Extensions
to discuss this further if you wish.

[tonymand]

In the attached examples I have drawn the fib retrace (almost 100%) and then the fib extension possibilities. MT4 defaults to placing the 100% line first and you drag to wherever you want your zero. You can edit (as I have) the actual levels shown

[kagein]

would you guys hold a position over the weekend if your tradng the 4h chart?