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Fib. Reverse Engineered.

  • #161
  • Apr 8, 2009 12:38pm Apr 8, 2009 12:38pm
Quoting cobraforex
Sometimes you have spikes and I think those shouldn't be taken in account.
That's the way I see it. This is currently the way I'm using Scott's indicator. I first pull up a line chart, then identify the channel with horizontal lines (first chart).

Then I open the indicator and put the top and bottom values from my horizontal lines in and switch the chart back to candlesticks (second chart).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd1.jpg Size: 83 KB
Click to Enlarge Name: gbpusd2.jpg Size: 115 KB
Is your SL my TP?
  • #162
  • Apr 8, 2009 12:44pm Apr 8, 2009 12:44pm
Quoting Bemac
Why do you use Positive & Negative 0.0278 as the "Level" Input?
Those are the differences between the center line and the 47 & 53 fibs. Then I can place the "0" line in the center of the range, and adjust until 47 & 53 match the high and low.
  • #163
  • Apr 8, 2009 12:46pm Apr 8, 2009 12:46pm
BTW, I think that gbpusd chart is a good example of what Bemac is talking about with the price returning to its channel.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd3.jpg Size: 118 KB
Is your SL my TP?
  • #164
  • Apr 8, 2009 12:51pm Apr 8, 2009 12:51pm
Are we having Fun yet?

Hang in there. There is more to this than perhaps you can see at this time. I'ts about Pip Safety & seclusion.
  • #165
  • Apr 8, 2009 12:58pm Apr 8, 2009 12:58pm
thanks bemac. got it to work ok with smjones indi. have been playing around with it and noticed something interesting. i tried to select channels ending in 00 or 50 and the results look really good (see attached 2 charts). don't know if this is just luck but it seems to work well especially if you use it j16 price patterns or candlestick patterns. thanks allot.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: fibo1.PNG Size: 58 KB
Click to Enlarge Name: fibo2.PNG Size: 57 KB
  • #166
  • Edited 1:14pm Apr 8, 2009 12:59pm | Edited 1:14pm
This version allows you to drag and drop the top and the bottom to any price you want to. You must keep the top above the bottom or you will get a message to try again.

The initial value for top and bottom are zero and the indicator will prompt you to enter initial values. After the indicator is on the chart, you can drag and drop to to your heart's content.
Attached File(s)
File Type: mq4 Bemac ICCE v1.1.mq4   16 KB | 624 downloads
  • #167
  • Apr 8, 2009 1:01pm Apr 8, 2009 1:01pm
Quoting tradewiser
thanks bemac. got it to work ok with smjones indi. have been playing around with it and noticed something interesting. i tried to select channels ending in 00 or 50 and the results look really good (see attached 2 charts). don't know if this is just luck but it seems to work well especially if you use it j16 price patterns or candlestick patterns. thanks allot.
I know what you mean.

http://www.forexfactory.com/showpost...&postcount=126

  • #168
  • Apr 8, 2009 1:11pm Apr 8, 2009 1:11pm
One more request. Can the line labels be set to be to the right of the chart shift?
  • #169
  • Apr 8, 2009 1:13pm Apr 8, 2009 1:13pm
here is a historical channel set to 1.95 and 2.0 on cable. see how price seems to react to the channels, and this is without using the fib numbers i learnt from my kane trading books (which i have to dig up from storage). very promising indeed.
Attached Image (click to enlarge)
Click to Enlarge Name: cable.PNG Size: 56 KB
  • #170
  • Apr 8, 2009 1:13pm Apr 8, 2009 1:13pm
Quoting smjones
This version allows you to drag and drop the top and the bottom to any price you want to. You must keep the top above the bottom or you will get a message to try again.

The initial value for top and bottom are zero and the indicator will prompt you to enter initial values. After the indicator is on the chart, you can drag and drop to to your heart's content.

Is your SL my TP?
  • #171
  • Apr 8, 2009 1:16pm Apr 8, 2009 1:16pm
NOTICE: I made a small timing change to make it easier to select the lines by making the indi sleep for a 2 seconds when you change it. I up loaded that changed version just now v1.1
  • #172
  • Apr 8, 2009 1:20pm Apr 8, 2009 1:20pm
Quoting smjones
This version allows you to drag and drop the top and the bottom to any price you want to. You must keep the top above the bottom or you will get a message to try again.

The initial value for top and bottom are zero and the indicator will prompt you to enter initial values. After the indicator is on the chart, you can drag and drop to to your heart's content.
I knew you can do it

Well, now an extentional testdrive
  • #173
  • Apr 8, 2009 1:28pm Apr 8, 2009 1:28pm
Quoting tradewiser
here is a historical channel set to 1.95 and 2.0 on cable. see how price seems to react to the channels, and this is without using the fib numbers i learnt from my kane trading books (which i have to dig up from storage). very promising indeed.

Looks like fib extensions could be useful.
  • #174
  • Apr 8, 2009 1:30pm Apr 8, 2009 1:30pm
Despite my requests for improvements, you are doing a great job and it is beautiful even the way it is!
  • #175
  • Apr 8, 2009 1:33pm Apr 8, 2009 1:33pm
Quoting tradewiser
here is a historical channel set to 1.95 and 2.0 on cable. see how price seems to react to the channels, and this is without using the fib numbers i learnt from my kane trading books (which i have to dig up from storage). very promising indeed.
All very well & I realise that it is going to be a while before it gains sufficient trust to allow it to forecast but; what about this?
Same GBPUSD Daily Chart.
Attached Image (click to enlarge)
Click to Enlarge Name: fib rev engineered 14.gif Size: 18 KB
  • #176
  • Apr 8, 2009 1:38pm Apr 8, 2009 1:38pm
I still don't seem to be able to Open it in Meta Editor.
  • #177
  • Apr 8, 2009 1:44pm Apr 8, 2009 1:44pm
This version 1.2 allows you to right shift the text so when you have the shift tab on, you will see it outside of the chart area.
Attached File(s)
File Type: mq4 Bemac ICCE v1.2.mq4   16 KB | 563 downloads
  • #178
  • Apr 8, 2009 1:45pm Apr 8, 2009 1:45pm
Can I modify the levels to only show these?


http://www.forexfactory.com/showpost...9&postcount=72

I don't want to try it without knowing.
  • #179
  • Apr 8, 2009 1:46pm Apr 8, 2009 1:46pm
Quoting TradeWell
Looks like fib extensions could be useful.
You can change any of the fibs to an extension if you want to. It will calculate correctly the extension, just like the tool does.
  • #180
  • Apr 8, 2009 1:47pm Apr 8, 2009 1:47pm
Quoting Bemac
I still don't seem to be able to Open it in Meta Editor.
Open it from your Navigator in MT4. Right click the indicator, select "Modify".

Regarding the gbpusd daily chart you posted. I'm gonna take a stab and say "down". If you go to the Weekly chart it followed the same channel for over a year in 2000-2001.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd4.jpg Size: 110 KB
Is your SL my TP?
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