I came into this thread late, do you still use BobokusFibo.mq4 on this as well?
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DislikedBobo... would you tell me how to draw trendlines correctly&accurately? just wondering...
Thank you
GaPsIgnored
DislikedHey Bobokus! Great thread. I am a newcomer to it but will be following it now. Currently I am on page 5 (I have a lot to read to catch up!).
I would really like to know how to use fibs better. I use them already, but not like you. Seems like you have it down.
Keep up the great posts!
JaredIgnored
DislikedCan anybody help me out? I am wondering if I did this chart right. I posted a pick but also a template if the pick isn't good enough.
Since I am new to this strategy the first step is making sure I understand how to draw the chart.Ignored
DislikedThe Daily is correct in showing the last move up, and your intermediate is correct showing the retracement from the Daily fib.The only thing I see is the envelope is fit to the 1 hour chart and with this being 4 hour you need to speed the envelope up to something like a 21.The Range would then be drawn across the move that passes through the envelope.In this case your high of the range fib is ok but the low I would put on the low of today and keep pulling it if new lows are made and leave it once price retraces up from there, and it will be set.Intraday is also correct.
Good job.Ignored
DislikedIs this what you meant? I reset the lower value of the low fib to todays low. I left the envelope at 64 but I am viewing from a 1 hour chart now. I attached a template of what I mean so you can see. (Pics aren't very good).Ignored