Fib Retracement Trading...

[daedalus]

I've had a number of requests about how to utilize fib retracements in the markets. So, rather than ***** out another thread with off topic chatter, I thought I'd just start a thread that we can discuss setups and different plays in.

If you want the gist of how to utilize and draw fibs, check out this video. It is not mine, I didn't make it, but I think it illustrates the basics of the method fairly well.

I focus 99% on 61.8% retracements in the markets WITH THE TREND, IN A TREND, on the 60 and 240 minute charts. I also play a shorter 233 tick (allmost like a 10 min chart) for pure daytrade entries.

So as not to violate link rules on this forum, if you are interested in the video i've been speaking of simply pull up Google Video and type in "Fibonacci forex" and search. The video should be the first result. I recommend viewing it on the google result type for better video clarity.

I've got some running around to do today, but i'll try and post up some chart examples later today.

Cheers!

Basic outline of this thread so far:
Lesson of the Day: Basic Setups
Lesson of the Day: Ticks Vs. Time Charts
Lesson of the Day: Some Example Trades
Lesson of the Day: Trade Examples
Lesson of the Day: Respecting Da Grids
Lesson of the Day: Advanced Tactics
Lesson of the Day: Trade Management Pt. 1
Lesson of the Day: Trade Management Pt. 2
Lesson of the Day: Trading Journals
Lesson of the Day: Scaling out of Trades = The BAD
Lesson of the Day: The Take Profit Revelation
Lesson of the Day: Adding Size
Lesson of the Day: Stop Loss Revision
Lesson of the Day: Secondary Indicator Confirmation
Lesson of the Day: Shallow Pullbacks, the other 50% of Forex Action