I have this highly annoying problem with the plotting of the Fibonacci retracements. I'm using this indicator created by Cory (it's simply awesome). ZigZagUTC_TL_BarCount_Fibs.zip
The problem is that it's not plotting the defaults I'm choosing in the Fibonacci Retracement properties.
I've talked to Cory, and he said that the way it works for him is that he's able to manually choose the retracement properties, and that is what the indicator is plotting on the chart automatically. In my case, I'm able to decide the levels manually, but when the indicator is plotting the values, it's still plotting it's own default values (I guess the NT default values).
It looks like this:
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The thing is that, I've been able to get it to plot the way it works for Cory as well. It simply just happened a couple of times. But believe me, it just happened. I didn't do anything at all in order to get it right. It just showed up like that, and on the next restart of the NT it went back to "normal".
I've spoken to the guys at NT support, and they say that it's the code in the indicator that has to be changed, otherwise it's going to be plotting the defaults. It works for the programer in the correct way, it has worked for me a couple of times. So they might be wrong those NT guys, right?
I'm confused, and I need some kind souls that can help me. Is there anyone that can throw some light on this?
Thank you in advance!
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Get rid of your past and let the future unfold from the now. Past performance is not indicative of future results.
- select the tool you want to change ninja default setting to your own default setting.
- draw the fib levels at some clear space then set it your own levels.
- click default button
- click apply button
- F5 to reload the chart , the level on my indicator should change to the new default level.
if not then something is wrong. If the new default won't take then you may want to back up your setting. install a fresh copy and restore the indicator/setting.
The following user says Thank You to cory for this post:
I had the same behavior George.
Change Fibo default value, save as default, restart NT, ... But same thing.
This is what I've just done, and now I have the correct behavior (don't ask me why):
1- edit the ZigZagUTC_TL_BarCount_Fibs.cs
2- change some variables default value to false, just to have a clear view for debugging
3- recompile the .cs in Debug mode (my first idea was to see step by step why the NT default values are used, and not the user default values).
You might try this, without recompile in Debug mode, and see if it's works.
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The following 2 users say Thank You to sam028 for this post:
"Other Time Frame Control" refers to a concept by James F. Dalton in his classic "Mind over Markets" published in 1993 on Market Profile
When using fibonacci retracements, one should not only watch those that can be drawn from the swings seen on the screen. Larger timeframe traders - and usually these trade larger amounts of money - use larger swings to draw their retracements and extensions, so quite useful to know, where these are.
I have found that it pays to go back up to a year and evaluate the major swings, then draw prior swing highs and lows, retracements, extensions, expansions, alternates and projections and transfer these to an intraday chart. As this would result in too many lines I have aggregated them to confluence zones by using some probability distributions.
There are several particular setups, where these come into play
(a) Daily high and low on rangebound days - typically consolidating after a trending move
(b) Exits for 3rd waves, 5th waves tend to overshoot the fibonacci lines
(c) Gartley patterns, the two-legged retracement often stops at a Fibonacci line - this is an end of wave 2 situation, when supply or demand is tested
(d) 2B patterns that occur during news annoucements and that are designed to trap weak traders before a larger move starts
They are valid trade entries, when confirmed by volume (range extension and churn bar), and are usually excellent exits in any case.