FIBO Break Out
At 8:00 GMT:
- Look for the High and the Low occurred between 5:00 GMT and 8:00 GMT.
- Plot Fibo from the High to the Low to indicate targets, support and resistance.
- Draw a 50% breakthrough line from the Low to the nearest High OR from the High to the nearest Low.
- Wait for a breakthrough on the 50% Fibo line or trend continuation on the same level.
- Enter on the breakthrough or on the bounce from the breakthrough level.
- Take profit on the targeted level, or adjust our 50% line to the nearest High or Low and wait for another entry, if the targeted level holds its position. (Please note that entries may occur on long and short levels)
- Adjust Fibo Bobokus to a newly appeared High or Low to see new targets.
Repeat steps 3-7
It is noteworthy: If you enter long positions, you should draw Fibo lines from the High to the Low of the last main movement before a reversal where you trade, so you could find support (19.1 %) or resistance (80.9 %), as the market usually comes back to these levels after the reversal.
- The number of days per - calculation period in days. Default value if 20 days.
- Start time range calculation - start time of the range. Default value is "05:00".
- End time range calculation - end time of the range of calculation of max and min prices for the period. Default value is "08:00".
- Restriction on the use of Fibo - default value is 30 points
- The format of the output range - 1 - a line, 2 - rectangle. Rectangle by default.
- on/off drawing Fibo Bobokus - displaying Fibo Bobokus. Disabled by default.
- Color drawing Fibo Bobokus - Fibo Bobokus color.
- Color vertical line - color of lines.
- Color drawing Rectangle - rectangle color.
- on/off beep START - signal of the range formation end.