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Showing results for tags 'fibonacci levels'.
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Ok, I am always been a big fan of 61.8% Fibonacci Ratio (so is 50%) - but why are Fibonacci Ratios of 88.6%, 78.6%, 127.2% useful? I see them in Gartley patterns and the instrument I trade - GC futures. I saw many threads online regarding it is good in Forex ... However, no one had address the issue of why it works - I see the pattern in GC for 88.6% on the 60 min chart from last Friday up to current, for example, in addition to the 61.8% and 50%. My objective is to determine why it works and hopefully determine when it will have a higher probably of working.
ABC MidPoints Description of Inputs: UseTime: False = StartTime and EndTime will have no effect and the High and Low will be tracked for the complete day. If true, High and Low will be tracked according to the StartTime/EndTime settings only. StartTime EndTime The study changes the color of the TrendLines/Plots according to the position of the close compared to the TrendLine/Plot. UpColor: is used if Close > TrendLine DnColor: Close < TrendLine MatchColor: Close = TrendLine UseTrendLines: True will use TrendLines instead of Plots and false vice versa PlotSize: The size of the TrendLines/Plots Round2Tick: Study will round the MidPoints to the nearest tick if this input is true. If false the study will not round the MidPoints. ABC MidPoints (MultiCharts).pla ABC_MidPoints.txt