Auto Fibo, how to use?
This is just an idea on how should we use "Auto Fibonacci", or at least for me, with out Elliotwave. This is more of a curiosity and I find that the combination of Fibos is pretty making senses.
The concept of this auto fib is that the Pivot STD is the representation of a swing's magnitude. Thus we set it roughly in intervals and of course you will if the sweet spot for your asset.
This takes just a bit of time as small STD difference is useless.
For me I take 0.68 as the most critical spot for Fibonacci level and 0.38 for small correction but subsidiary - as a smaller degree within a trend.
The overlapping level of different STDs will be a critical resistance and support.
It can be used to assess the "trend" as well. Right now for instance, all of the fibs are drawn downward even in the least STD one, 3 STD. This means we are very "bearish".
Basically, the fib will flip when the previous high is broken.
Of course, this can be implemented in a smaller time frame as well but I choose 1D as it is visually pleasing. BTW, you may need to adjust certain STD to suit your TF esp. those with low STD in small TF. You can just close it.
The concept of this auto fib is that the Pivot STD is the representation of a swing's magnitude. Thus we set it roughly in intervals and of course you will if the sweet spot for your asset.
This takes just a bit of time as small STD difference is useless.
For me I take 0.68 as the most critical spot for Fibonacci level and 0.38 for small correction but subsidiary - as a smaller degree within a trend.
The overlapping level of different STDs will be a critical resistance and support.
It can be used to assess the "trend" as well. Right now for instance, all of the fibs are drawn downward even in the least STD one, 3 STD. This means we are very "bearish".
Basically, the fib will flip when the previous high is broken.
Of course, this can be implemented in a smaller time frame as well but I choose 1D as it is visually pleasing. BTW, you may need to adjust certain STD to suit your TF esp. those with low STD in small TF. You can just close it.
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