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Thank you for the insights, this is an impressive approach, and your description gives a good idea how to approach the selection. I am weighting prior turning points in following way:
- count the number of rejections at a certain zigzag pivot within a certain timebox, like 1h box. I allow a certain % above and below the pivot to have an area rather than a single price. Price has to exit and enter that resistance to count.
- and if the price is rejected for more than a certain % gives another score for the level.
- if the same area gets retested again in an even higher timebox i.e. 4h it gets an additonal score up
but I have to put that still together into a session timeframe, since I want to make the algo checking for the last 20 days which time of day the projected prices are relevant.
for fibs I look only in one level. it is the 0.866 of the ADR of the last 20 days at the beginning of the London session Hi and Low to frame up the upcoming session. I calculate the upcoming targets at 6:00 GMT. These prices show a significant high turn around probability for certain instruments, esp. in the EURUSD. these lines show high relevance up to 20:00 GMT.
When a level is touched, John Ehlers Swing position tells me if the market swing is expected to turn in the next 1-2 hours or not.
One or two Fibonacci indicators can be found in the downloads, for the confluence indicator, which could be seen on the previous charts, you would need to contact me via private message, or I will come back to you.
The Fibonacci Analysis just uses swing highs and lows, and then calculates retracements, expansions, extensions, alternates, etc. Therefore the ETH and 24/7 templates will give exactly the same results.
If you use an RTH template you may miss some of the swing highs and lows which occured off-session. In that case you will get slightly different results.
Fibonacci Analysis is best suited to FOREX and currency futures. For these I always use ETH templates.
but if you're using a 1 hour chart, there should be a difference between eth and 24/7 imo. because of different starting points you'll get different sizes of bars. of course it's only minimal. no big deal.
