Greetings,
Is it mathematically possible to "reverse engineer" a Fibonacci level dynamically using current price? What I mean is, for example, if the current price of an instrument is 1.5534 is it possible to figure if this is a Fibonacci level (such as 62%, 127% or 162% retracements/extensions) for a previous time period, possibly determined using swing high/lows for example?
I hope this makes sense but I was thinking it would be useful to dynamically determine if the current price at any given time was a relavent Fibonacci level for some previous period...perhaps there is some formula that could be used and/or compared to previous high/lows to figure this...just a question. Any input appreciated. Thank you.
Is it mathematically possible to "reverse engineer" a Fibonacci level dynamically using current price? What I mean is, for example, if the current price of an instrument is 1.5534 is it possible to figure if this is a Fibonacci level (such as 62%, 127% or 162% retracements/extensions) for a previous time period, possibly determined using swing high/lows for example?
I hope this makes sense but I was thinking it would be useful to dynamically determine if the current price at any given time was a relavent Fibonacci level for some previous period...perhaps there is some formula that could be used and/or compared to previous high/lows to figure this...just a question. Any input appreciated. Thank you.
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