Daily Fibs

This thread is in answer to a pm I got from another trader asking me about the use of the daily fibs. I hope some people will find this useful. Here's how I see it basically. In the attached chart, you plot the fib retracement either by hand or use the indicator AutoDayFibs on yesterday's candle. If your analysis tells you that the uptrend will continue, you may either enter right away, or you may wait for a retracement to one of the fib levels before going long. In this particular case, the retracement came the day before, so the new candle actually started at the .23 fib level. Now, if yesterday's candle was a bearish candle ( closed lower than opened) and you'd expect bearish action, you would plot the fibs from top to bottom. Perhaps someone else will be able to give their feedback on this topic, as there may be more uses of the daily fibs that I am not aware of yet.
Matt

...and here are the same fibs on a smaller time frame. you can actually see the price retraced to the .50 level. Good luck!

Hi Matt,

Appreciate you sharing your thoughts on this one. Thanks heaps. Now, if it's not too much to ask, would you mind posting the "AutoDayFibs" indicator?

Cheers,
Wally

here is the indicator.