FIB Expansion Tool for Setting Target Areas

[immy]

8 out of 10 Times the fifth wave finishes between Target Zone 1 and Target Zone Two. As Shown in the picture below.

Use FE Tool and its Settings.PNG

This is Fib Expansion tool. To modify the default settings use the settings as shown in the chart. By doing so we Rename the default FE 61.8 to TZ1 and FE 100 to TZ2, as shown. The @ %$ is code that shows the price on the Fib Exp lines as shown. Now One can use the TZ1 and TZ2 as 'Take Profit Points'

[michelle]

Where can I get this Fibonacci Expansion Tool? I cant find it on my MT4. I only have the Fibonacci Retracement Tool.

[msk185]

Hi

You should be able to find it under the "insert" tab on your MT4 platform. Under that tab there is another labelled Fibonacci and in that menu is the expansion tool.

You can add this to your "tool bar" by right clicking on the toolbar section for the drawing bits and then selecting customise.

Hope this helps

Mike

[michelle]

Thanks, Mike. You are most helpful. I got it to work as you prescribed.

[highlander]

8 out of 10 Times the fifth wave finishes between Target Zone 1 and Target Zone Two. As Shown in the picture below.

Use FE Tool and its Settings.PNG

This is Fib Expansion tool. To modify the default settings use the settings as shown in the chart. By doing so we Rename the default FE 61.8 to TZ1 and FE 100 to TZ2, as shown. The @ %$ is code that shows the price on the Fib Exp lines as shown. Now One can use the TZ1 and TZ2 as 'Take Profit Points'

Hi,with Steves new indicator package available is this fib exp tool necessary

[autopro]

Hi Guys,
Heres a nice YouTube video explaining the ABC pattern for FE as above.
Alot of waffle but the 'meat' starts in the middle...

[youtube]hfdWBw6Zmx4[/youtube]

[immy]

Hi Guys,
Heres a nice YouTube video explaining the ABC pattern for FE as above.
Alot of waffle but the 'meat' starts in the middle...

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Around the 2.10 time the pattern he points to is always visible on the AIMS level ! this is what I call your early warning signal of a trend change. Two things happen around that time. 1. its a 1-2 to the top/bottom (meaning 1-2 before a third wave) 2. it turns in to what we call Principle C (the abc) formation. as always you only find out after its happened. but if price does not go past the number of pips it did during wave 1 its most probably Wave c and the trend might resume

cheers