TradingView
HammondB3
Jan 13, 2017 6:08 AM

B3 AutoEdgeBreak Fibonacci 

Crude Oil FuturesNYMEX

Description

Here is the lazy person's Fibonacci retracement drawing machine. Keep the bars in range pretty big, but you can play around and see what it does. If too small, it gets in your way, and If oversized, your retracements will not properly work upward and downward according to action. So, if you notice that it's always retracing the same direction, then lower the first input.

Now on top of the coding being tricky because of massive history in T-view, trading the Fibs is not an easy task either. Experienced Fib traders will probably love my script, and those that are not good at Fibs will love the historical look of it, but feel helpless in real-time. It took me years to learn a reaction pattern to the Fib lines, and the one key piece of my memory: if a price-line test comes and fails in relation to your trade, get out!!! <- Not real advice, just experience talking.

I expect to be upgrading this particular script in the future. Enjoy!
Comments
nilanjan62
can u explain how to use it?
HammondB3
@nilanjan62, thanks for asking. The Fibonacci methods I know that people use would take a course to explain in detail. One thing to look out for is that if you are in an uptrend and want to go long, wait for a retracement to hold and enter from there. This will get you better entry prices on the continuation of trends.
Fergiemoney
May I try this please?
Ufuksanli
Hi, can i try it pls?
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