Robert24

GBPUSD WEEKLY Trendline levels (fib channel tool)

FX:GBPUSD   British Pound/U.S. Dollar
60 0 1
There are 10 lines, but actually only 9 spacing divisions in this chart. It could be done with 10 spacings but the 1.0 line doesn't show up.
The levels worked out better this way anyway.
The other lines on the chart are internal pointer angles. Often there are internal trendline angles that can assist in the external trendline angle setting. Levels are similar to that. These are really trendlines that are repeating
Once the highest high and the lowest low have been established this method works best. Also if you have a shallow baseline angle along the lowest bottoms or the tops, this idea works better then. The pointer trendlines aren't always the lowest low or highest high. They just give an angle that will be used again.
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