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Yes. Thank you very much, this was what I had in mind.
My method of trading revolved around this.
Seems like my method works in this market as well.
The 2.00 level is a level with an expected retracement to happen so as to re-enter
The 261.8 level is where I take profit and reverse to buy( which happened)
Seems like the bullish wave has also hit its 261.8 and therefore has reversed back to a bearish trend.
Hmm. I think the price is after the 361.8 level, and will of course, retrace at the 314.8 level
You should not get any difference. The highs and the lows to calculate the retracements and extensions from will be the same, even if they belong to different bars. The only way not to get the same results would be to draw retracements and extensions from all sorts of bars, even those that do not stand for swing highs or lows.
Hi everyone, this Fibs Confluence are similar to those used in Nexgen T3 Protrader? I have a set of clone indicators in NinjaScript (Large/small Triggers, MACDBB lines and Keltner Channels) use in nexgen, missing only this Fibs.
The indicator follows a similar approach, but it is not a Nexgen clone. It is an aggregate evaluation of 54 different types of lines calculated from prior swings in ten different timeframes, that is up to 540 individual lines. Each of them carries a statistical weight, the weights are aggregated by the indicator. This principle is also used by the Nexgen fibs, but they do not have the same lines and statistical weights. The indicator uses prior highs and lows, retracements, expansions, projections and alternates with different Fibonacci ratios.
The left picture shows the individual lines before aggregation, the right chart shows the confluence lines. The indicator was used with default settings.
