Hi Anoop I really don't understand what this FIbo gives us.
As you said that price finding support at 23.6 % level 5489. Now as we can see that low made is 5483 .... so isn't it we can say that it is breached. Now when we confirm that this is breched... to initiate the trade.
Now if we consider that hourly closing is needed.... then suppose if now it is breached and goes down and as we know that even within hour nifty can reach to your said level 5450 or the gap.
Then when we see hourly closing.... it will be very late to initiate trade.
Then what is use of Fibo... if it is not usefull to initiate the trade.
Please guide me as I really... think this is not usefull on hourly chart with so small range.
I am yet to find a holy grail that works every time. I combine fib levels with piviot points or crucial moving averages to execute trades. Using any indicator alone will lead to failures.
@SAM All my friends call me SAN I would request you to do the same. For intraday trading its all about waiting for our rules to give us a perfect entry. If you don't get an entry that gives you good risk reward ratio you should skip that entry. If you see today's price action all hour candles closed above 23.6% fib level that's why i wrote about the support at that level. If an hour close is too far below 23.6% that doesn't give you good risk reward ratio then one should skip that trade.
Hi Anoop I really don't understand what this FIbo gives us.
ReplyDeleteAs you said that price finding support at 23.6 % level 5489. Now as we can see that low made is 5483 .... so isn't it we can say that it is breached. Now when we confirm that this is breched... to initiate the trade.
Now if we consider that hourly closing is needed.... then suppose if now it is breached and goes down and as we know that even within hour nifty can reach to your said level 5450 or the gap.
Then when we see hourly closing.... it will be very late to initiate trade.
Then what is use of Fibo... if it is not usefull to initiate the trade.
Please guide me as I really... think this is not usefull on hourly chart with so small range.
@SAM
ReplyDeleteI am yet to find a holy grail that works every time. I combine fib levels with piviot points or crucial moving averages to execute trades. Using any indicator alone will lead to failures.
Anoop pls don't missunderstand me...
ReplyDeleteActually I mean to say... when can we say it is confirmed that it is breched?
As Fibo 23.6% is already breached and low made is 5483.
Anoop... actually I was not able to put the things before you ... in my wording.
Hope you understand.
@SAM
ReplyDeleteAll my friends call me SAN I would request you to do the same.
For intraday trading its all about waiting for our rules to give us a perfect entry. If you don't get an entry that gives you good risk reward ratio you should skip that entry.
If you see today's price action all hour candles closed above 23.6% fib level that's why i wrote about the support at that level.
If an hour close is too far below 23.6% that doesn't give you good risk reward ratio then one should skip that trade.