This will be a short post..I am all posted out after the previous post.
This exercise will touch on range.
There is a new template and indicator.
The Fibs are very old school but this will show you range and also show a bit more on SR.
Now, you will see 2 fib indicators..one is for the inside fibs(between 23 and 76)
The other is marked extensions fibs...the markets range is simple,its the distant it travelled from highest high to the
lowest low for the previous day. these extensions are fibs that go further than the High and Low 024 036 124 and 136 fibs.
Yesterdays High and Low on your chart are actually yesterdays 0 and 100 fibs.
Your opening price of the new day is very important...SR
You will notice the market most usually will go lower than the previous days low or higher than the previous days high.
You can use both fib indicators if you want a little bit more SR or you can just use extension fib if you want range.
A note about fibs..they are a special way of trading..we do not need to know the ins and outs,for this exercise it is
purely for visual SR and Range..OK
1.Over the years we have seen more often than not a price will hit the 124 or 024 fibs..they are a good marker if your in a
trade and you want an idea of how much further is the range.
2.Only trade the color of the D1 candle
I have posted 5 snaps of price and the extended fibs from 5 different pairs..all taken on the same day note how the price hits the extended fibs