Fibonacci - intraday timeframes - Aussie Stock Forums

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  1. #1
    Join Date
    Oct 2007

    Default Fibonacci - intraday timeframes

    For those of you that actively day trade using Fibonacci, can you elaborate on your preferred timeframes to place the graph on, and why? I.e. do you prefer 5 min, 30 min, 60 min ..................
    Preference is in regards to AUD.USD or Forex in general, but not that important.

  2. #2

    Default Re: Fibonacci - intraday timeframes

    While I have some time on my hands I have been experimenting with a small forex account and running real time data through MTPredictor.

    From what I have seen so far it doesn't seem to matter which time frame you are in as long as the larger degree trend is going in the same direction, ie a one hour buy pattern if the four hour trend is in the same direction.

    I have cherry picked an example (in hindsight) of what I try to find (I missed this one) and they do really work when everything lines up.

    Three charts below.
    On the first chart you will notice two TS3 buy signals, straight away the first one just doesn't look right so you ignore it, the 4 hour trend was also down at the time.
    The second TS3 looks much better, just a quick glance and you can see the ABC and the retracement has the correct shape (a TS3 is a general ABC but you need to eyeball where it fits, in this case it looks like a wave 1 and 2 have just completed).
    Now add the retracement lines and it has just overshot the 61.8%.
    The 4 hour pattern has also turned around and is trending upwards.

    Chart two.
    Right click on the chart and place the automatic routine on the last TS3 and it makes a prediction of likely future trend based on the current pattern to the TS3.

    Chart three then displays that the C of the ABC correction has retraced to the right area and if the pattern plays out then the potential targets for the larger ABC or a wave 3 are plotted.
    In this case the wave 3 target was hit precisely.

    This probably seems like a long winded advert for MTPredictor, its not, I can't do intraday on any other software and this thing is designed for this stuff anyway.
    This is just my drawn out way of explaining how on any software that has fibonacci retracement and extension capabilities you can get it right in any time frame if the retracement and the pattern is right and the larger degree trend is going in the same direction.

    Next question now is has the wave 4 completed and if so where should the wave 5 go to ?

    Just my

    (click to expand)
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