Topic: New Fibonacci indicator idea
Dear popov i have an idea for a new indicator
this indicator draw fibo levels for the previous day ,week or month then draw the extension levels up and down
How we can use : we can use it in 2 ways
1- as a breakout strategy if the price break the 0 line or 100 line then we see how the price will react with the extension levels as a target aria and we can adjust our stop loss behind the fibo levels
2- as a continuation indicator : if the price in the next day retraced inside the range of the previous day then we look foe which level will be strong to reverse the price in the direction of the previous day