Trendline vs fibonacci expansion !

**wizardalltime** · 03-30-2011, 01:43 PM

HI EVERY BODY , this is a comparison between trend line and Fibonacci expansion on targeting of mid term positions .

first a quick review about each.

the trend line : -

What Does Trendline Mean?
A line that is drawn over pivot highs or under pivot lows to show the prevailing direction of price. Trendlines are a visual representation of support and resistance in any time frame.

in my opinion : trend line on daily frame if you draw it on a a right way can be your target but it`s moving so you must check it daily .

the Fibonacci expansion : -

Fibonacci extensions Is an indicator used to identify the third wave of an Elliot wave and at the same time, identify support and resistances.

in my opinion : it`s levels have a constant prices so it helps in determining the target and let the market moves.

thanks every one ......

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**junkfood** · 04-02-2011, 05:55 AM

I draw fibonacci indicator in 1D time frame. I search the swing high and swing low and put it there. but I ever heard from other trader if 50% line is not too important, thats right?

**Kampre** · 11-29-2011, 08:50 PM

Originally Posted by junkfood

I draw fibonacci indicator in 1D time frame. I search the swing high and swing low and put it there. but I ever heard from other trader if 50% line is not too important, thats right?

If its not important to them. then that means they simply don't use it. Lets face it. What you use as indicator and its effective to you then you must keep using it. Even every time you see theirs a butterfly in your window you buy and you get 100% profit and each time you see a butterfly in your window and you trade and you get 100% profit. Then its a good indicator. My point is what is working for you is good for you.