I’m using IBFX with MT4. Was fooling around with fibs and following through babypips school on fibs. Is extention the same as expansion, as far as fibs?
I can’t find a extention fib in MT4.
It is my understanding that, in using a Fibonacci, one would look to the last major move in any given direction on a chart. Let’s say the last major move on the EUR/USD H1 chart was short, but your indicators are showing a reversal/pullback.
The way I would pull a Finonacci on that chart would be, I would begin at the top of the highest short candle in that move,(without the wick if there is one), and pull to the bottom of the lowest short candle,(again, without the wick). I don’t know if this is overkill or different from the pros, but it seems to be accurate on my charts.
By the way, all apologies for the past. I think you are a good trader with a lot to offer in the way of positive information. I mean that sincerely.
Good luck and good pippin,
Chubs
Thanks for trying to help chubs. My question really wasn’t about how to set it up though. I understand the basics of that. You see in my MT4 platform their are a few Fib variants. (Timezone, arc, channel, fan, expansion, retracement) I was trying to find if expansion was the same as extension and if my platform was just using a different word for the same thing, as I was trying to mirror what was done in the babypips school where they showed instructions for an extension fib.)
P.S. No hard feelings, good pippin to you too. You just caught me on a bad day, when I get to fighting it’s hard to put the claws away.
Ok, I have no exposure to MT4, so please disreguard my last post.
BTW, i have downloaded MT4 software for a broker that offers mini accounts. Not trying to change the topic of this thread, but do you think, maybe in off trade hours this coming weekend maybe, if you have the time, you could meet me in the chat area and help me set things up with that platform?
Thanks man,
Chubs
Depends on what you are setting up. I only use candles, tro’s sweetspot lines and a stochastic. Really not anything to set up, MT4 is pretty self explanatory if you know the settings for the indicator you are trying to use. You should find it generally easy to use.
Which is the problem I’m having right now with Fibs, I’m trying to fool around with them as per the instructions on babypips, but the only ones I can find only let you click on two points, not the 1,2,3 approach like on babypips.
I’m trying to set up fibs for use as both support and resistance and targets and my fibs are looking nothing like the one’s explained on babypips.
my problems with MT4 are right at the beginning in setting up charts and adding ma’s, so, there again, I’m just looking for some very basic info.
If you aren’t able to help me, due to time ore what ever the case, maybe you could point me in a direction for a source of info?.. sorry again for being off topic to the thread.
Chubs
Hey Phoenix,
Fib extension is to see where and when the retrace ends.
Lets say you have a downtrend then you draw fibs from high to low and then you can see the fiblevels.
If you want to use the expansions you need to set three points to draw the fibs. Expansion is used to predict the next target.
The same as above from high to low and point three is the highest point of the pullback. That’s it