MightyOne wrote: tmanbone wrote: MightyOne wrote:
Very interesting thread, I'm glad you started it. A couple of questions please sir. In the quoted diagram above are the two intermediate lines of the #1 candle the 66.6% and the 83.3% lines also above those are the two lines the 1.166% and the 1.333% lines. Thank you,
I have my fibo set to:
if that helps...
calculate your fibs to these settings
off of the candle you have marked (fibs off this) calculate the pips from high to low
take the measurement in pips, from the previous calculation, of off the low of the candle you have marked (place here for lower target) and draw a horizontal price line above the top, at this measurement.
pull your fibs calculated per above instructions and pull them from the bottom of the last candle on your chart to the horizontal price line.
the fibs are calculated to give your target 1 and target 2 ranges.
EDIT: Disregard the above instruction, after furter review, I've realized it's incorrect. The calculations should be taken off of the middle sized 3 candles previous to the current candle. That would be 3rd candle back from the right, then apply the calculations to the last candle. I know I just made it more confusing, I confused myself on that one.