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Fibonaci or Clasic Pivot Points ?

Discussion in 'General Forex Talk' started by smtm, Oct 25, 2009.

  1. smtm

    smtm Recruit

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    Just curious, which ones is more widely used ? Or which ones do you use ?
     
  2. JasperSevilla

    JasperSevilla Recruit

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    Personally, I would go for Fibs. Pivots tend to differ based on time zone you're using while Fibs are more uniform.

    But Im not saying PPs are not important, you just need to see which one works best with your strategy. ;)
     
  3. Pharaoh

    Pharaoh Colonel

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    Daily Pivots are a pain since it's hard to get forex traders to agree what hours constitute a day. Weekly and monthly work a little better.
     
  4. clem699

    clem699 Sergeant

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    Fibo Or Classic(standard)

    Then which one do you think is better and much more reliable based on usage.
     
  5. Pharaoh

    Pharaoh Colonel

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    My personal vote is for weekly and monthly. Then again, there are some traders who swear by Daily Pivots.

    Of course, what you really want is to see a fib level line up with a weekly or monthly pivot. These things mostly work based on trader expectations. When the Fib traders and pivot traders all agree about a certain support or resistance, then they start placing trades based on it. If enough LARGE traders agree about the direction of the market, they can move the market.
     
  6. ingonicole

    ingonicole Recruit

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    I have also good experiences with the Monthly and Weekly Pivots. I use them togehter with the Fibos. Right now i do only automated trading but i still have a chart with Pivots and Fibos. Because if i see a open position with an EA i decide with with the Pivots and Fibo Levels if i may go out of the trade or leave it.
    For example if my Megadroid has a open buy position which is -8 pips in floating drawdown at 1.4780. When i see a Monthly Support at 1.4780 which is not broken i can leave the trade open.

    i think Pivots and Fibos are really good for trading
     

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