Sorry news but no....
I imagine you want to buy, then the fibtool is the same that your box.
You only must to put your entry in function your if/then.
See the pictures, there are differents space/lots in the same point.
You see , if your position (00 - xxxx - 04) is more near the if/then, then is more riskly ...
Yeah, I can see it how you're drawn it too.
The way I've drawn it is as follows:
You have MOMO, it can then either break out the top or retrace.
If you take the breakout you're taking it at the worst price (04), if you take it on a retrace you get it at a better price, that's exactly how I've drawn my fibs. Total risk % is spread across the fibs. 00 is positioned at a longer term pointy place whereas you're placing yours below the near term S/D level.? I've just used the Insanity indicator to work out my lotsize for my dollar amount between position and my entry point.
AFAIK your entry shouldn't be slap bang where the IF/THEN is. The entire point of using space is to give the trade wiggle room. If the wiggle room is that small you may as well just use a hard stop?
MO asked me a question:
Position - Yes understand, long term pointy place where buyers or sellers took hold.
Lot size - a function of risk, position and price obtained.
but there's a LOT more to it and it feeds into expansion
i.e. You start with a pipcushion, you then build a pin-cushion, once pin-cushion equals pip cushion you can take the pipcushion off the table (reduce risk quickly, to quote), then as you gain more space you can increase lots (first reduce risk then increase risk, to quote), then once you have maxed out your leverage you sit and wait. Price either booms to the moon and you profit handsomely or it booms in the opposite direction and you have to start all over again.
Expansion - the one I have trouble with, you've still got to be right on direction more times than not
MO also says when the market ranges it's an ideal time to up the lot size - I can see that as you have a definite target to exit, so you keep taking profit and injecting it until you're at maximum leverage. You then enter again and just wait for the range to break: downside is you never know when the market will trend so sometimes you will still be in 'accumulation mode' (you're not at max leverage yet so will be cutting at previous highs/lows and again waiting fro price to come back for a re-entry) and the market takes off when you're out of it - but there's the re-trace to come I guess.