This method will save your time to determine where are the powerful S&R levels for any instrument. It can be used for the continuous chart or the monthly chart. It will also help you to entry, set the stop loss and profit target levels, even if you are using other methods such as Elliott Wave Theory, Harmonic Pattern, Market Geometry (the pitchfork), Demand & Supply and others.
Enjoy!
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Feel free to innovate. You don't have to follow exactly as I mentioned in the video.
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See how it worked splendidly for October chart: The red boxes are the supply areas. The bigger box is a strong one.
@adbitcoin, Not yet. I do have a plan for it but it will be in Malay language.
chak16
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how do you choose the mother candle? What if we have a small bullish candle and then 2 big bearish one?
TheDemonTrader
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@waqas141, The inside bar pattern is a very obvious pattern. It's not hard to spot them. But if you're in doubt, just plot the fibo at last month's candle. Enable the extension levels (the levels after the 100% level)
Gabi_Ryan
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Thank you, if mother candle is bearish then simply reverse the fibonaci?
TheDemonTrader
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@Gabi_Ryan, it can work both ways. If the bearish candle is just price retracement in an uptrend, when the price resumes the trend just flips the fibo points.
Abrahamdeba
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big thanks, i like more of your vedios please
DJChristos
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Hi I was checking is it possible to use other time frames (that is daily, 4 hrs …) than using the one you used I.e. monthly and weekly
catsky84
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hi, can this fib retracement and numbers be use for all investment? can it use for us500 ?
TheDemonTrader
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@catsky84, Yes. I tried to plot at last month candle and it works well at 4H: