MoneyTec Traders Community Forum - View Single Post - clarification needed on trading with fibs

DaveB · 29-06-2005, 16:05

Hello,

I am currently using Metatrader 4 and the fibs begin a 0 and extend to 100 (if you didn't know already

. What I need some clarification on is where to begin the extension for a buy or sell retracement. For example, the trend is heading down, there is a corrective retracement to 62% then it heads down again. Would I place 0 on the fibs at the High and extend down or would I begin by placing 0 at the Low and extend up. The same question applies to the opposite long trade.

Advice much appreciated,

Regards,
Dave

29-06-2005, 16:05	#1
DaveB level 2 Join Date: Jan 2005 Posts: 109 Downloads: 1 Uploads: 0 Rep Power: 0	clarification needed on trading with fibs Hello, I am currently using Metatrader 4 and the fibs begin a 0 and extend to 100 (if you didn't know already . What I need some clarification on is where to begin the extension for a buy or sell retracement. For example, the trend is heading down, there is a corrective retracement to 62% then it heads down again. Would I place 0 on the fibs at the High and extend down or would I begin by placing 0 at the Low and extend up. The same question applies to the opposite long trade. Advice much appreciated, Regards, Dave