We talked about Fibonacci-based moving averages on my post on August 29th.  What’s funny to me is the first time I started calling these my "Lazy Days" support, resistance, and trendlines.  It was on a trip down to one of my favorite restaurants, "Lazy Days" in Islamorada. 

(Islamorada is about halfway between Miami and Key West and one of my favorite get-a-ways…far enough to feel "out of the office" and close enough so that if I need to really be back in the office I can be in just over 120 minutes.)

I am a discretionary trader, that means that the tools I use can be subjective. If there’s one thing that traders are always looking for it’s objectivity and I will be using alternate tools to add more objectivity to my trade entries.  Since I draw most of my lines and levels on my own or with the help of my automated software or Autochartist, I have ways to speed up the time it takes to go through all my forex, futures, and stocks charts. 

On one of my recent trips to my favorite restaurant, I decided to take a look at some of my positions (mainly daily chart trades) while I was at lunch.  I had bought a new laptop a few days earlier and forgot to install my automating software…so I decided to to put my Fibonacci-based moving averages on the charts.  I had plenty of reason to trust these levels as I had plenty of data and chart print outs on them from my "wave development days".

So in between bites of the most delicious coconut-encrusted, snapper sandwich I’ve ever had in my life, I was scanning my charts and saw the support and resistance that the "Lazy Days" Fibonacci-based lines provided.  I quickly noticed that as I drew in my support, resistance, and trendlines manually how often they lined up with the Fibonacci-based moving averages.

I’ll talk more about how to use these lines in the coming days and weeks as it will be a part of my next book, which I am very excited about.

But here’s a few examples of short term momo set ups…since I used so many longer term charts in my August 29th post I want you to see how they work on shorter term intraday charts.

..and here’s the daily on the swissy in a Fibo-squeeze:

and another momo play on the 30 minute dollar-yen:

Try out these "Lazy Days" lines for yourself and see how they are an effective alternative to the more subjective support, resistance, and trendlines levels on your chart.

Tomorrow I’ll be doing a 90 minute live webinar on these tools and more.  You can register free at raghee.com.

Hope to see you there!

- Raghee