Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Yes, you are right just like the Fibonacci tool is a drawing object. If we would not have such a tool available, i mean the Pitchfork, we could still draw such an object by using the Fibonacci tool by keeping the 0, 100 and 50 percent levels visible. The idea is to link two legs on their middle point (50% level) with the line tool and copy/paste the line that join these 50% levels at the 0% and 100% levels of the Fibonacci scale.
Do you know of a drawing tool in Ninja to draw the expanding parallel and sliding parallel lines. I think the guys on Market Geometry use Ensign. The expanding parallel tool is pretty slick. I may try the Fib tool and see if that could be useful. I hadn't thought of that.
The 80% figure comes originally from Alan Andrews work, but Tim Morge did his own research and came up with similar results. In any case, it's a high probability setup. But the key is properly identifying valid pivots points.
