These zones are calculated using Fibonacci Ratios of past price moves.
Fib extensions and retracements are projected forward in time and price.
If price bounces or reverses, it will probably do so at one of these zones.
I found a way to make the zones go back to origin point.
So some of the recently created zones will only go back a few hours.
The longer (time period) that a zone is, the larger time frame that Fib covered
As well, I have left a couple of the recent Fib extensions used as examples.
My complete chart has so many lines one can hardly see the price.
So for actual trading, I use this simplified chart as the guide for support/resistance .
I will update as new zones are defined by upcoming Fibs.
Fib extensions and retracements are projected forward in time and price.
If price bounces or reverses, it will probably do so at one of these zones.
I found a way to make the zones go back to origin point.
So some of the recently created zones will only go back a few hours.
The longer (time period) that a zone is, the larger time frame that Fib covered
As well, I have left a couple of the recent Fib extensions used as examples.
My complete chart has so many lines one can hardly see the price.
So for actual trading, I use this simplified chart as the guide for support/resistance .
I will update as new zones are defined by upcoming Fibs.
Note
I know this chart originally looked like it has a ton of lines.Yet, all were derived from Fib resonances, and during consolidation the bands get crowded.
BUT, notice the wide open space I had in original chart (70.38-72.00) , which was crossed very quickly and kept going to the next strong bands near $73.00.
THAT is the proof that Fib Resonances ARE valid, just dont trade while in a jungle of them. Looks for the clearings. I did scalp a long on that jump, but am a bear so not holding and looking for a short very soon again.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.