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I want to point out that Fibonacci confluence is just one piece of the puzzle. Support and Resistance mainly works because of self-fulfilling prophecy. An exception may be support and resistance based on volume analysis (point of control, VWAP) as this is based on behaviour.
S/R concepts include Fibonacci confluence, prior highs and lows, floor pivots, round number, trend lines. All these tools only work because many traders use them. If nobody was interested in Fibonacci analysis, it certainly would be useless as a tool.
Fat Tail
Nexgen just lunched another version opf revolution and it genrates fib ares around trde setups. or may it generates multiple fibs where there is high density of fibs. Well do you know if they use multi-time frame retracements and extensions for that? or may be you have something programmed like that.
please reply
I believe that the Nexgen Revolution uses multi-timeframe confluence from
- prior highs and lows
- retracements
- expansions (rectracements > 100%)
- projections (continuation of a swing after a counter swing)
- alternates (measured moves)
Smaller timeframe alternates are shown on top of those confluence lines. Then they use a number of other pretty standard indicators (you can find most of them in the downloads). No need to purchase their system for $ 16,500.
The Nexgen approach is probably valid (I have not tested it), but does not suit everybody.
I am Nexgen Client but I am learning multitime frame macd and Fib confluence areas(clusters from different projections , retracements and extension). I was just curious that may be somebody already have built that indicator to print that kind of confluence area. I have auto extension, retracement tools but they take only previous swing. I wanted to do it from botoom of the swing(including every retraces) to top oto get better support or resistance.
