Ok in a nutshell some explanation: I use the candle bodies (no wicks) to draw fibs.ChuChu Rocket wrote: Sun Mar 20, 2022 4:28 pm Cool. Looks a bit complicated though (especially with no explanation).
Thanks for sharing though
The (zero) edit: sorry 100 will move as price continues (lowest candle body low) price has to retrace minimum to 61.8. Eventually we look for the deepest retrace starting at 61.8 Patterns like 2 top/bottom head and schoulder cupcake etc.(here 2 top) are used.
Trendline is drawn from the (first) low when price retraces to minimum 61.8. This process can change when time/price is moving of course.
A reversal/ bounce might happen at the 161 223 or 261 and 423 extensions.
At these levels switch to a lower timeframe if you can find a valid entry; for example a retrace after an impulse (like in the Pullback thread). These extensions are also used as profit targets after a trendline break.
15M chart with in pink the Daily 261 extension
