{quote} Got it you mean the Fibonnaci Expansion. It will be different in every trading package. Basically you need 0 to +100 + 38.2 + 61.8 Then - 0 to 100 -38.2 - 61.8
{image} so we need to keep adjusting the fibo to accommodate price to sit nicely at 38.2
Ignored
What instrument and timeframe is the chart and I will walk you through it step by step. We are not trying to curve fit the 38.2. If price finds 38.2 it will do so without the need to make it fit.
{quote} What instrument and timeframe is the chart and I will walk you through it step by step. We are not trying to curve fit the 38.2. If price finds 38.2 it will do so without the need to make it fit.
Ignored
EURUSD H1, what about those 3 hourly vertical lines.
Let us try to clear this up using a one hour chart.
Step 1 Choose a point for a datum Step 2 Place your fibs by measuring from the low to the datum. Step 3 Place another datum on the 61.8% Step 4 Set your fib to measure to that 61.8%
Continue to walk up the 61.8 levels and eventually you will hit support/resistance.
When choosing an initial datum I find from the last low to the last high works well.
Regarding your 1st post,
the 2nd image seems to re-create a new range all together as shown in the dotted rectangle in the bottom left corner region of the image.
Why wasnt the breached 2nd yellow 0.618 line in the 1st image being used to re-create a new range from the top red line to this breached line as the new 100% range?
Thanks...
Hi Nut, Regarding your 1st post, the 2nd image seems to re-create a new range all together as shown in the dotted rectangle in the bottom left corner region of the image. Why wasnt the breached 2nd yellow 0.618 line in the 1st image being used to re-create a new range from the top red line to this breached line as the new 0.618 range (or the new 100% range? I am confused...) ? Thanks...
Ignored
If you look carefully the first image is measuring the downtrend whilst the second is measuring the uptrend.
Hope that answers your question.
