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Old 01-07-2005, 14:33   #32
MickMason
Fibonacci KISS trader!
 
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Re: clarification needed on trading with fibs

Quote:
Originally Posted by DaveB


From my understanding so far, using candle patterns to confirm fib retracements/bounces is useful. Are there any other indicators specific to using fib trading?

eg like using the 1hr RSI as a filter, trading only long trades when the RSI is above the 50 level and short trades and when the RSI is below the 50 level on the day?

Really gettin into this


I hope you find it useful, from what I remember it was about the most straightforward introduction to Fibs I've come across, even though he doesn't trade FX.

I'm not going to suggest any particular supporting indicator because I use Fibs in their most basic form on a bar chart, I'll leave it up to you to find something that you are comfortable with and which will give the confidence to place trades.

Cheers

Mick
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