24 6 3
Alamos Gold             broke its recent low today. Next retrace fib support is the 38.2% at 5.81 (white line). Remember, my fibs are calculated outside tradingview, all log-scale.
Pattern looks like a possible Ending Diagonal in (v) of C of (2). Can try to catch the knife here. Safer play is to wait for an initial impulsive pattern off the presumed coming low, then buy support with stop just under that low.
My alert just went off. Looking good for continuation in the presumed start of 1 of (3). Ignore the red line, that's a reference to a 17Mar17 5/7.5C Risk Reversal options trade I put on near the lows...
New low at 5.97, it if holds, will have minimal effect on my targets. IF this was and ending diagonal which has completed then price should be over 7.00 real soon.
nick.holland78 nick.holland78
Sorry, wrong chart. Copy paste error...
I am also on EWT. Could u provide more detail on how you calculate your log scale fibs? Are u using a pine script?
@tradingmama, No, calculating them outside tradingview with excel. Check my 4hr idea on VGZ from last week which includes the formula on the picture. Also demonstrates why arithmetic fibs are worthless on big moves. Really shows up in log scale. Small timeframes, for smaller degree moves, the arithmetic fibs are fine if you recognize that you're likely to see extensions. I use my larger-degree log-based fibs to keep overall targets in view. Sometimes I just go with the right 'look' for placement on log scale, then watch for the price pattern to fill out when price approaches my target.
Like this on the hourly chart.
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