Put them whichever way you want, depends what you are trying to show
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Well, if Iâm trying to âshowâ someone how to draw a fib extention/expansion in an uptrend, to target a take profit at a âhigherâ 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 âwhat their problem with it isâ, and showing a âquestionableâ chart example of how itâs not for you⌠is rather rude.
This link shows babypipâs screen exampleâŚ
âŚwhich sorry, doesnât draw like yours. So to make a statement as you did, may make sense to someone whoâs been doing it for awhile, but us beginners need something more concrete than âŚ
:eek:
Your chart shows the candles in an uptrend⌠the retracement grid looks correctâŚbut your extention levels are way below downâŚso are you doing both at the same time meaning if the trend âdramaticallyâ (which I guess it could) reverses then are you looking at t/p levels for a âsellâ 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 âwhat is your problem with thisâ
No itâs not ârocket scienceâ (dont recall ever pointing it out that way?) to see that the Extention levels are supposed to continue in the direction of the grid drawnâŚso if you want to keep drawing them âyourâ way, I guess thatâs your perogative.
guys, tony & s pip,
the fib tool on MT doesnât 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 wonât 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 doesnât 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 whoâs right from wrong.
any way can anyone say how to do it on MT4?
thanks
hypnos63
and tony your MT4 fib extension isnât 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 canât yet do it like in the babypip eample like iâve been saying.
thanks
hypnos
Since this topic is about Fib âretracementâ and not extentions, if you canât 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. Thatâs not how itâs done in MT4âŚyou 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 didnât 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 examplesâŚyou may have to do the same. I will try to get some screen shots later to help explain how to do that if youâd like me to.
Iâve created a new post on this subject here:
http://forums.babypips.com/newbie-island/10400-drawing-fibonacci-extensions.html#post37657
to discuss this further if you wish.
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
would you guys hold a position over the weekend if your tradng the 4h chart?
Nope. I donât personally. Too much risk for a gap up or down past or thru stop loss levels. On fridays I only scale down and take scalp trades, and I stop taking 60 min, 240 min, trade thursday night so they have a chance to play out before the weekend.
Thanks for explaining the fibs. so well. Iâve never used fibs before in my trading until now. I am only using the 1hr and 15 min timeframes. They are working fine so far. I hope to venture to the 4hr sometime but not right now.
Thanks for this thread daedalus. This thread has improved my trading. Which is always good!!
Thanks to all that have contributed and posted charts.
Trade well everyone!
Fibs are extremal useful in the limiting of risk, breaks of each level allows you to re adjust your exposure, taking profits at the 23% and the 38% as daedalus proposed is having a greatly beneficial effect on my account. As such Iâm losing a lot less but settling for a 1pip profit when the trade retraces on me. I was in a AUD/USD trade yesterday that i thought would continue its bullish run, i got stopped out today at b/e when it retraced.
Bottom lineâŚfibs are awesome
Yeah that other stuff is all well and good butâŚ
does anyone know anything about Fibinocci retracements???
or is it FibboachiâŚokâŚso âŚuhâŚFib-o-nacho âŚfibbinachiâŚ
Not to sound mean, but have you not read through this thread? Not sure what you are looking for. Do a little research.
Hey sorry⌠that was actually a jokeďż˝. Just trying to be facetiousâŚHA HA ha hehâŚgulp âŚ
OK that one laid a bombďż˝.
But anywayďż˝
Daedalus has a great comprehensive thread here and I was going to thank him for it when I got done. As it is some fifty pages long I haven�t yet. Fibb Retracements are not completely understood yet and are a glaring hole in my system�
A hole that I soon shall plug to make millions and billions of $$$$$ and RULE THE WORLD!!!..BrewâŚhah ha ha haâŚ(evil laugh)
But reallyďż˝thanks to allâŚ
J.
That clears it up a bit. I have never used fibs in the past. But I was always wanting to learn them as many traders use them. This thread has helped me understand fibs.
As far as the millions and billionsâŚGood luck.
Did I set this up right? Made me some nice pips today. Tell me what you think. And I know, I got in early at the 38.2 retracement but I just couldnât hold out any longer.
Right idea, i obviously wouldnât enter on a 38 retrace, but yea, the logic is all correct. Grid is drawn correctly. Donât know if I responded to your last PM? Did we get everything sorted?
Yeah we finally got it all sorted. I had to put the - infront of the 61.8 to get the take profit level above the 0 level. I was also wandering how big does the swing have to be to draw new grids? I heard somewhere it should be at least a 35 pip swing, is that accurate? Does the length in the swing even have anything to do with the strength of the levels? Just curious.
Thanks again daedalus for all your help.