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Can anyone help me modify this fibo indicator. All I did is change/delete some of fibo levels from #spudfibo indicator.
This indi takes its High/Low from y/days candle. All I want it to take the Last Hourly candle that had not its 138.2 ext breached/touched. If breached or touched in either side(from low to -138.2 i.e. -38.2 or from high to +138.2) Indicator should now draw fibs from the candle that breached/touched the previous candles 138.2 extension.
I'm not a programmer, so please help.
Attached are the modified spud indi and 2 charts about what I'm talking about.
Does any one have the "Fading the Double Zero" Indicator? How can I find it?
It was described in "Trading the Currency Market" book by Kathy Lien. Below is an excerpt of that section from her book:
[When trading intraday, it is impossible to look for bounces off of
every support or resistance level and expect to be profitable. The key to
successful intraday trading requires that we be more selective and enter
only at those levels where a reaction is more likely. Trading off psychologically
important levels such as the double zeros or round numbers is one
good way of identifying such opportunities. Double zeros represent numbers
where the last two digits are zerosfor example, 107.00 in the
USD/JPY or 1.2800 in the EUR/USD. After noticing how many times a currency
pair would bounce off of double zero support or resistance levels
intraday despite the underlying trend, we have noticed that the bounces
are usually much bigger and more relevant than rallies off other areas.
This type of reaction is perfect for intraday FX traders as it gives them the
opportunity to make 50 pips while risking only 15 to 20 pips.]
Can some one please help, this is really a good way to figure our where the actual s/r is hence can detect reversals early(just do manual fibs on each candle(eur or gbp). If anyone know if such indicator exists please direct me to it. searched the forums but could not find anything on hourly fibs.
Quote:
Originally Posted by gfx
Hi,
Can anyone help me modify this fibo indicator. All I did is change/delete some of fibo levels from #spudfibo indicator.
This indi takes its High/Low from y/days candle. All I want it to take the Last Hourly candle that had not its 138.2 ext breached/touched. If breached or touched in either side(from low to -138.2 i.e. -38.2 or from high to +138.2) Indicator should now draw fibs from the candle that breached/touched the previous candles 138.2 extension.
I'm not a programmer, so please help.
Attached are the modified spud indi and 2 charts about what I'm talking about.
This strategy is based on EMAs following the trend and helping you to identify the tendency in the market.
This method keeps you out of the market when there is consolidation, which means more chances of getting whipsawed.
I work for any currency pair and its suitable for MT4 in the 15 mins chart. The point is that it hasnt been use in any other time frames. I could work in some others if you change the settings.
At the moment it has been successful 70% of the time but it has only use for two traders. If you want to download it, to know more about it check this blog.