Comment by Ken Brennan on August 15, 2012 at 12:34pm

Hi Will,

I use fibo to confirm tops and bottoms or to confirm the pivot. If a pivot point coincides with a fibo it has a better chance for a reversal or target. What I have found with fibos is that they can be drawn on higher timeframes and still hold true, such as 4 hour. I mostly use them to check out the top or bottom of a huge trend. Just make sure you are drawing trendlines first. Identify the trendlines before drawing fibo and see if that gives you better perspective. Add the pivot and exhaustion and you have now 4 points of confirmation.

Comment by William A Berry on August 16, 2012 at 5:59pm

Really a great help, thankyou Ken, I will try it on the higher TF with trendlines. What other confirmations do you use in conjunction with the pivot pts? Do you use EMAs, Stoch? I am currently testing out divergence with it. Thanks again 

Comment by Sardar Uddin on August 16, 2012 at 6:09pm

You can confirm pivots with fib levels or vice versal. Where both concide that will provide you strong resistance or support. issue with Fibs is that they are subjective to person to person depending on which highs and lows you chose to draw fibs at and advantage of Pivots are that they are objective calculated using previous day or week close and open. so if you have to match them I will give more importance to pivots and chose fibs level accordingly.

Best

-Sardar

Comment by William A Berry on August 16, 2012 at 6:26pm

great advice also Sardar, thankyou kindly!

Comment by Raivo Kaasen on August 19, 2012 at 6:09am

Hi William, i use fibo with pivots. I draw them from yesterdays high to low or visa versa and its works realy good.

I post few pics from last friday to make myself clear.

Comment by areza on August 19, 2012 at 5:53pm

great, i should try this,. thank u for posting

Comment by nelson on August 22, 2012 at 9:10pm

hi Raivo, 

noticed that you have candlestick pattern indicator. can you share it with us here?

tks/nelson

Comment