Beyond the basics of Fibonacci.

[FibMaster]

Managing the trade, when to take profits. Online seminar by Neal Hughes (FibMaster).

Many traders have heard of Fibonacci expansions, but do you really know how to benefit from their power?

Is the market likely to make large moves, or just wallow back and forth. Should you hold on to your trade for big profits, or exit early to protect against losses? When is the market over-extended? How do you trade when the market exceeds the usual FibLevels? When should you take profits? Is it too early to exit? Is the chart oversold/overbought? How do you manage a trade that is profitable? These advanced Fibonacci techniques give you powerful tools to evaluate the underlying strength of the market, so you can make better trading decisions.

Here is the link for the seminar;
http://www.fibmarkets.com/pro_seminars/index.html

Read what other traders have said about these seminars;
http://www.traderzine.com/forums/showthread.php?t=265
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[Bert]

Neal I recently took the TRSI seminar and had a question on fibs. you ask me to post it. Its whether the 100 line on a retrace and the .618 line on a retrace combine for SK. I understand the 100 line on an expansion with a retrace .618 make SK so hopefully you understand the question.

Thanks as always
Albert

[FibMaster]

Hi Albert, thanks for clarifying the question. The 100% is not an SK technically. However, prior swings can bring support/resistance, so they are worth noting and respecting.

Also, I sometimes use a fibonacci expansion to judge the size of a move. If you use a daily chart and do an expansion A=2008 Oct 10, B=Oct 14, C=Oct 28, you have an expansion 100% at 139.72 .. This coincides with your .618 level approximately.

If you do a similar expansion but with different swing points on a *weekly chart*, you get another 100% down at 119.00 , keep that in mind should this chart want to go that far down. There is a .618 level there on the daily chart too.

[Bert]

Neal, that explains it, thanks so much. One last question...In FOREX do you mainly trade the 4hr timeframe with Daily and Weekly determining trend? I'd like to copy but not sure how to do stoploss on 4hr.

Thanks Again
Albert

[FibMaster]

Flexibility is best for me, but if you want to trade the 4 hour, then daily-weekly is good for trend. 4-hour trend is good for 60 and 30 min charts, etc.

Stops are a complex issue. Initially a disaster stop based on Fibonacci SK support/resistance, but exit before that. No need to cross fingers and rely on luck if the trade is obviously not working out.. You can always re-enter, so why cling on to a bad trade?

[sall44]

Having taken a recent seminar I have question on expansions:

When a chart reaches 100% expansion i.e and OP area and starts to consolidate, is there a number of bars you would give it before it makes a direction further from the OP or is it best to wait till in your lower timeframe you break the f5 (0.618) of the down leg upwards before entering in the direction hopefully for the XOP?

[FibMaster]

Having taken a recent seminar I have question on expansions:

When a chart reaches 100% expansion i.e and OP area and starts to consolidate, is there a number of bars you would give it before it makes a direction further from the OP or is it best to wait till in your lower timeframe you break the f5 (0.618) of the down leg upwards before entering in the direction hopefully for the XOP?

Hi Sal,

I don't count the bars. Instead, I look at price action. If it's running above the OP, I can buy dips...

[sall44]

Hi Sal,

I don't count the bars. Instead, I look at price action. If it's running above the OP, I can buy dips...

Thank you Fibmaster for taking the time out for the eloquent reply.