The CoffeeShopCrypto Fibonacci Tool Setup
Welcome to the coffee shop everybody once again. This is your host and baristo Eric and I have a number of strategies to put up for you but I realized that you guys are going to need some help with that. In a few of my previous videos you have seen me using my Fibonacci Retracement tool but the question always arises why does mine look different than yours.
So I want to post this quick video so that you can have the information and the visual of what your Fibonacci tool should look like as well as being able to copy my settings into your Fibonacci tool.
Make sure that at the end of applying these settings you go down to the bottom of the Fibonacci tool settings and you click save as then give it a template name because this is going to be used as a template setting so you can switch it on and switch it off.
The purpose of setting your Fibonacci tool this way gives you a more clearly defined area of take profit 1 take profit two and take profit 3.
So while the settings may not seem to make sense right off the bat, once you start using these strategies you'll understand more clearly what the settings are for.
Fibonacci Retracement Tool Settings
Trend line = on
extend left / right = off
Scale values:
Column 1
0 GREEN
0.382 WHITE
0.5 YELLOW
0.618 YELLOW
0.764 ORANGE
Column 2
0.88 RED
-0.618 Green
-0.25 Green
1 Light Blue
Background = off
Prices
levels = on (values)
Labels = Right / Top
Font Size = 12
Fib levels based on log scale = off
Under template click SAVE AS
and name it "The Coffeshop"
So I want to post this quick video so that you can have the information and the visual of what your Fibonacci tool should look like as well as being able to copy my settings into your Fibonacci tool.
Make sure that at the end of applying these settings you go down to the bottom of the Fibonacci tool settings and you click save as then give it a template name because this is going to be used as a template setting so you can switch it on and switch it off.
The purpose of setting your Fibonacci tool this way gives you a more clearly defined area of take profit 1 take profit two and take profit 3.
So while the settings may not seem to make sense right off the bat, once you start using these strategies you'll understand more clearly what the settings are for.
Fibonacci Retracement Tool Settings
Trend line = on
extend left / right = off
Scale values:
Column 1
0 GREEN
0.382 WHITE
0.5 YELLOW
0.618 YELLOW
0.764 ORANGE
Column 2
0.88 RED
-0.618 Green
-0.25 Green
1 Light Blue
Background = off
Prices
levels = on (values)
Labels = Right / Top
Font Size = 12
Fib levels based on log scale = off
Under template click SAVE AS
and name it "The Coffeshop"