jonesesp

Use only one FIB tool for your retracement and extension levels.

FX:EURUSD   Euro Fx/U.S. Dollar
I draw the following FIB extension levels via the FIB retracement tool:

1.27% extension use -0.27
1.414% extension use -0.414
1.618% extension use -0.618

No need to use the FIB extension tool, which saves a whole lot of time
jonesesp PRO
2 years ago
Works on MT4 as well which is where I figured this out... #CleverBoy LOL
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Joaoalbuquerque
2 years ago
I agree with you as i use pretty much the same extensions on the fib retracement tool as follows:
-0.27 as main target
-0.618 as 80 to 90% of chance of being hit.
-1.270 as an overstretched move.
Just got a question for you... regarding 1.414% any particular reason to have this extension?
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jonesesp PRO Joaoalbuquerque
2 years ago
Joaoalbuquerque - 1.414 is also a FIB level and I use it as an alert when I am targeting 1.618 extension levels...I also use 1.18% when running ABCD wave count.

For example:

For all retracement levels 23.6, 38.2, 50, 61.8 I use extension level 1.618 (however you will notice on the shallower pull-backs <38.2 price often halts around the 1.27 level and comes back for a deeper retracement (80/20 rule).

78.6 pullback target 1.27 extension
88.6 deep pullback target 1.18 extension

Hope this makes sense and why I colour code the fib retracement lines with the extension levels (RED to RED)
+1 Reply
Joaoalbuquerque jonesesp
2 years ago
Absolutely, thanks for sharing your views and opinion.
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elp
2 years ago
Did you learn this system from David Halsey?
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