hi guys
i was wondering which one is more accurate ?
bump!!!
For what it’s worth - whenever I draw pivot points (for the Dow especially) one or another pivot point is almost always pretty much at one or another fibo level so - in my book - they’re pretty much the same thing or should I say they always put me at the same place.
I prefer pivot points for the simple reason that they are calculated based on price alone. What I mean by that is that with fibo levels I’m never quite sure where to start and stop (it’s subjective). Sometimes you can choose one start and stop point for your fibo levels and you find that an instrument has found resistance at let’s say the 38.2% mark which is a key level and then you extend one of your fibo start or stop points to another location and you may find that the same instrument without having moved appears to have found resistance at the 23.6% level which is not key so which is right?
On occasion I have resorted to plotting the pivot points and then sort of ‘matching’ the fibo levels to these points giving me a ‘rough guide’ as to which high and low points or swings I should be using to draw the fibo levels.
Regards,
Dale.
Those both are painting great S&R levels,aren’t they?
HI THERE FIBS FOR ME