 With Joe DiNapoli's Indicators and Fib Tools!
(Page 3 of 5:) 1, 2, 4, 5, 6
DiNapoli Retrace:
This study makes use of an advanced Fibonacci technique I developed from about 1985 through 1987, trading a variety of instruments but primarily 5 minute S&P&s. It makes use of Multiple reaction lows and highs, combining FibNodes in a highly effective and user friendly format. It also defines lineage. For the knowledgeable Fibonacci trader this is particularly useful in determining what will hold and what will not!
As the market progresses in time, FibNode locations (values) automatically update. The support and resistance locations, once you understand how to use them, provide you with incredibly accurate entry, exit, and profit taking points.
Areas of Agreement and Confluence are easy to identify and keep track of. Multiple time frames can be set up, each with their own support and resistance areas. You can set these up on your DealBookFX2 platform with as many charts of DiNapoli retracement studies as you wish. Each, automatically updates!!!
I keep separate charts with different time frames to refer to the higher level Support/Resistance.
This keeps the presentation crisp and clear. I always know where support and resistance is likely to manifest. I know ahead of time where to place stops, entries, and profit objectives. I can judge if the market is good; by watching how the market responds to these levels!
For the first few months we suggest you ignore lineage markings
(* , M, T, etc.) and simply focus on selecting the appropriate reactions as described in Joe's book "Trading With DiNapoli Levels.
|
