Saturday, March 30, 2013

78.6 more important than 61.8 on ES?

I've been playing around with Fibs on ES over the weekend, and one thing seems to stand out to me. Price has a much higher probability of reversing at the 78.6 fib on ES, more than any other level. I might be curve fitting this, or whatever, but this is something I'll watch for. I drew a bunch of fibs and I'll post charts below.

Example 1 - Fib from 1558.75 to 1528.5 - note how price acts at the 78.6 level, easy short and cover at 61.8?

Example 2 - Drawn from 1530 to 1495

Example 3, 4 and 5 - 

It also works on smaller time frames, check out how it worked in the last 5 days -

Not saying its perfect, but works more often than not? 

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