1 (edited by ahmedalhoseny 2009-12-14 22:02:05)

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

can we make such indicator ?


Re: New Fibonacci indicator idea

Fibonacci levels Continue.......

while iam thinking about these levels i come with an idea ( to merge that levels with the previous high-low indicator)
in addition to - enter long at previous high   100% fib
                      - enter long at previous low    0% fib
we can add  23%,38%,50%,61%,76%,86% as a retracements

And also we can add a fibonacci expansions for the same day in both sides

These levels to be used as opening/closing point of the position and also as an open/close logic condition


I think from my modest point of view this will be a good addition to indicators


Re: New Fibonacci indicator idea

That's interesting. I'll suggest Donchian Channel instead Previous High/Low. Donchian allows setting the number of bars.

Re: New Fibonacci indicator idea

LOl Popov
When iam thinking about an indicator iam not able to do any of these indicators  big_smile  big_smile  big_smile  big_smile

I try to tell you my ideas and explain my logic  and if you like them and have the time you can do them  (  My ideas are requests  )

Thanx again