Using Fibonacci Extension drawing tool

[Larry22]

Hi,

I'm having trouble using the Fib Extension tool

Let's say an instrument moves from 50 to 75. That's a 25 point move from what we'll call point A to point B. Now the instrument declines to 43.25, and we'll call that point C. That's a decline of 31.75 points. The length of line segment BC, which is 31.75, is 127% the length of line segment AB, which is 25.

The $64,000 question is -- how do I use the fib extension tool to identify that visually -- where and in what order do I click once I've selected the fib extension tool?

Thanks,

Gordon

Hi Gordon the solution I have found that works best for me is to use the retracements fonctions instead, if we take your example I would draw retracements starting from 75 top (point A) to 50 low (point B) once that this Fib retrace is done go in the Fib retracement properties and set one of the box to -27%, you will now have what you were looking for then if you want to keep this just set it as default, that is the easiest workaround I could find out that would suits your need.


Laurent

[NinjaTrader_Ben]

Hello,

I do not understand what you are trying to do exactly. Can you provide a screen shot of what you are talking about? Thanks!

To send a screenshot press Alt + PRINT SCREEN to take a screen shot of the selected window. Then go to Start--> Accessories--> Paint, and press CRTL + V to paste the image. Lastly, save as a jpeg file and post the file as an attachment.

[grose]

Hi,

I'm having trouble using the Fib Extension tool

Let's say an instrument moves from 50 to 75. That's a 25 point move from what we'll call point A to point B. Now the instrument declines to 43.25, and we'll call that point C. That's a decline of 31.75 points. The length of line segment BC, which is 31.75, is 127% the length of line segment AB, which is 25.

The $64,000 question is -- how do I use the fib extension tool to identify that visually -- where and in what order do I click once I've selected the fib extension tool?

Thanks,

Gordon