dgtrd

how to apply fib channels and auto fib channels study

Education
BINANCE:BTCUSDT   Bitcoin / TetherUS
The Fibonacci Channel is a technical analysis tool that is used to estimate support and resistance levels based on the Fibonacci numbers. It is a variation of the Fibonacci retracement tool, except with the channel the lines run diagonally rather than horizontally.

The tool is used to aid in identifying where support and resistance may develop in the future. If the uptrend is expected to continue, the 100%, 161.8%, and other higher levels are potential price targets. The same concept applies to downtrends if a downtrend is expected to continue

In an uptrend, the zero-line is like a normal trendline, helping to assess the overall trend direction. If the price falls below it, it may need to be adjusted based on more recent price action, or it could signal that the uptrend is over and that the price is breaking lower. Similarly in a downtrend, the zero-line also acts like a trendline. When the price is below it, it helps confirm the downtrend. If the price moves above it, the indicator may need to be redrawn or the price is moving higher out of its downtrend

Difference Between Fibonacci Channels and Andrew's Pitchfork
Both these indicators attempt to predict future support and resistance levels based on price levels from the past. Fibonacci channels attempt to do this with percentages of a selected price move. Those percentages are then projected out into the future. Andrew's Pitchfork is simpler in some ways as the angled lines are based on three price levels selected the trader and then extended out into the future.

Step By Step Applying Fibonacci Channels









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LINK to Auto Fib Channels ʙʏ DGT ☼☾


Comments

Another really good guide! We appreciate the way you walk others through your work, step-by-step, by embedding charts and writing out each observation. We've featured this in Editors' Picks so everyone can learn more about Fib Channels.
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+28 Reply
dgtrd TradingView
I have been honoured, thank you deeply @TradingView 🙏 :)

Auto Pitchfork, Auto Fib Fans and now Auto Fib Channels indicator studies aims to automate and provide the same functionality with the drawing tools TradingView presents to its Users and I aimed the educational posts to be both a guide for the Users who will enjoy using the drawing tools and also as an presentation to indicator version of the same drawing tools
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terrific share, thank you!
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+2 Reply
dgtrd omnist
:) thank you @omnist,
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Awesome! Great content & like your style 😉
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dgtrd Mayfair_Ventures
thank you very much @Mayfair_Ventures, i was inspired by your high quality educational posts and aimed to make similar to yours :). Thanks for all of your publications, you are doing a great job
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@dgtrd, Much appreciate comments like that! Let's connect and see what we can come up with.
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dgtrd Mayfair_Ventures
thank you @Mayfair_Ventures,

i had in mind applying my auto fib fans study with the way you guided using the gann fans

such as in the folowing example
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