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

Euro Fx/U.S. DollarFXCM

Description

⋅ Sep 26, 2014 9:08 AM

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

Comments

Az001

⋅ Feb 12, 2018 9:27 AM

Hi how do I add the -100 or -0618 etc on the trade view chart fib tool

Flow-Like-Water

⋅ Feb 3, 2018 8:41 AM

Just what I was searching Google for.
Thank you

elp

⋅ Sep 26, 2014 10:25 PM

Did you learn this system from David Halsey?

Joaoalbuquerque

⋅ Sep 26, 2014 11:20 AM

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?

jonesesp

⋅ Sep 26, 2014 12:04 PM

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)

Joaoalbuquerque

⋅ Sep 26, 2014 12:57 PM

Absolutely, thanks for sharing your views and opinion.

jonesesp

⋅ Sep 26, 2014 9:10 AM

Works on MT4 as well which is where I figured this out... #CleverBoy LOL