MagnusTradingGroup

Fib Spirals - Do they work ?

BITSTAMP:BTCUSD   Bitcoin / Dollar
UPDATE:
How to properly scale your charts

VDBTC
2 years ago
I've never heard about Fib spirals before and I don't know how to interpret them.
One thing I must admit is that it looks very funny and a bit shitty in the first place.
I'm not stating that it doesn't work, I just don't know.
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I do not know how to use fib spirals either. I will be keeping my eye on this very interesting.
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johnrfraser
2 years ago
Hi. They look pretty amazing to me...a beautiful looking tool if they work.
Can you advise how this example is constructed and how you read/interpret it please?
Thanks
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grahvity
2 years ago
The peanut gallery hath spoken.
I'm keeping a close eye on this chart.
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ItisCalvin
2 years ago
I have heard and done some looking into Fib Spirals before. From what I have gathered is that if you are able to place them correctly they will give you exact turning points and key entry positions.

Now the problem is: Where do you place them? Because you not only have to know where to put the center at, but also how far out to make the Fib spiral go. You also need the direction which makes even more of a challenge. It is something that I would like to use and may do some more testing of it myself later on.
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MagnusTradingGroup ItisCalvin
2 years ago
take my chart, make it yours and look into it. hope you will understand how i used the spirals. the major problem with them is that they don't change when you change the scale. so you need to find the perfect scale setup. it was a bit tricky to find the perfect scaling here. I drew a circle with the middle point at B and the radius AB. i adjusted the scale so that the circle actually looked like a circle instead of like an ellipse. that scaling was imo perfect to draw fib spirals on. first spirals abchors are from B to A. second spiral is from C to B. However it looks like C is not placed correctly it needs to be where the second spiral crosses the top resistance at 455.
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johnrfraser
2 years ago
Did the crossover indicate a change of direction at 464? :-/
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johnrfraser
2 years ago
...buying a book on fib analysis by Constance Brown
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