ES Futures Initial Balance with Fib Extensions approach.In this example, I used different Fib Extension levels off the ES INITIAL BALANCE high and low between 8:30 and 9:30 am.
In the previous example, GC Initial balance was calculated between 7:20 and 8:20 am CST.
I came across these very odd-looking, but VERY promising Fib Ext levels that is getting me very exited to start testing them asap.
So It's actually not traditional Fib levels. We'll just use the drawing tool for this.
It's basically adding increments of 0.3 from 0 to 2.9 and from 0 to -2.9.
Here are the levels :
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Firstly. I'm going to suggest that you "grab this chart" - www.tradingview.com - or from options menu below and opening it up on a lower timeframe like the 3 or 5 minute and note how price not only reacts at some of those levels but also how it serves as some great SHORT TERM RARGETS.
This seems like a great tool to add to my Day Trading style because I generally execute my ideas on my 1 minute trigger chart , aiming to participate on 3 or 5 minute timeframe movement.
Secondly, try and extend those levels after the US close, to remain visible through the Asian and European session right up to 30mins before the next US session. You'll find that on most days, during the 'Overnight' they seem to remain tradable levels or targets.
Obviously, just like when using any other tool/indicator - it needs to fall in line with your trading plan/ approach
