DislikedIf we add to it a 8 bands fibo chanel we can see when we are in extreme areas (just an idea) {image} {file}Ignored
And a question -- but which fibo channel is extreme enough to trade away from? Red, orange, yellow? To me it seems arbitrary. With @bishopdotun's choice of ADR it's simple -- there is only one band. Furthermore, since its offset from the midline is the ADR then there is a lot of empirical agreement that a price that stretches beyond the ADR is, by definition, an extreme price. But where is it written that a price that stretches beyond an "orange" or "yellow" band is an extreme price? Also, would the same color rules apply to different pairs?
EDIT: In the screen shot below I've highlighted a number of Entries that the fibo channels would have probably ignored because the price didn't break above the right color. This is why I think that ADR offset from the midline is the magic sauce...
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