Introducing the Dual Dynamic Fibonacci Retracement IndicatorHey there, Stock Justice here. Today, I walked you through using the Dual Dynamic Fibonacci Retracement Levels Indicator on TradingView. This powerful tool calculates pivot points and determines Fibonacci retracement levels based on your position in the market. I explored every input, from lookback periods to toggling extra levels, to shifting and extending lines. We also delved into the use of two sets of Fibonacci levels to identify areas of confluence for more robust trading decisions. With vivid colors marking each retracement level and the flexibility to modify the lookback period, this indicator is a game-changer for pinpointing support, resistance, potential reversals, and continuations. Remember, the magic is in the details. Happy trading!
Retacement
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LOOPRING LONG SETUP LRC/USDTLoopring currently sitting down at the .886 and at the POC of the entire range and printing HL and HH
for a market structure change .
I have measured some regions on the chart pulling Negative Fibs and Standard Fib retracement tool for areas of confluence
although I have kept some info at a minimum to keep the chart looking clean .
I decided to take away all the Daily/weekly levels except for a few as these areas will add to the resistance at those regions.
Not all levels are displayed again just to make it easier to read so pls do add your own levels if need be .
FIB Speed fan also used from High to Low and aligns very well with our areas of confluence that are highlighted.
As seen in the chart I have outlined 3 regions for taking profits but its your responsibility to determine your own
invalidation and entry .
If BTC decides to drop then no alt coin will hold regardless of how bullish the asset is so ensure to follow your Risk management plan
and have awareness of BTC.
CHFJPY SHORT Hi Fighters,
Here are my notes for the CHFJPY since 12/16
The market is about to complete the D Ext of 112.30 on the weekly and daily it is overbought I am looking for a retracement down to the .382 area there is a uptrend line that will react at 110.50 which is a pivot area before that .382. There is a Bull Crown that could potentially form around the 109.00 area I would look to SELL once at CTL is formed
12/20 JPY BULLS ARE STARTING TO
MAKE THERE PUSH TO BRING THE PRICE DOWN TO FORM THE RIGHT END OF THE BULLISH CROWN THE DROP IF IT DOES MATCH UP TO WITH THE LEFT SIDE OF THE CROWN IS ABOUT 400 PIPS TO THE DOWNSIDE THE D EXT AT 112.20 HAS NOT BEEN HIT YET AND THERE IS NOT A CONFIRMED BREAK BUT GOING INTO NEXT WEEK THIS IS A GREAT PAIR TO LOOK AT SELLING
If you agree with me, hit that like button and join me in one of my session that I have this upcoming week talking about more pairs like this:
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AUD JPY Possible Double Bottom. Possible Double Bottom on AUD JPY. I know its on a downtrend, but It may come back up and retest Key Fib Levels before continuing any further. Set a STOP at the Previous structure LOW at 45 pip risk. 70 PIP TP for a little more than 1:1 ratio. Will Take Profit at .382 level and wait for a double top for a downward continuation.
NZDUSD - Short Setup at 61.8% retracement with engulfing barSince venturing below the established trend line set this year, NZDUSD had retraced to 61.8% of it's last down swing. To add confidence to this trade yesterday formed an bearish engulfing bar that move price quite a bit lower.
Suggested SL is above the recent high and profit targets are in the 1.272 - 1.618 Fibonacci extension area.
GBPAUD 4 HR LONGTEXTBOOK SETUP. PULLBACK TO THE 38.2 FIB WHICH IS IN LINE WITH STRUCTURE LEVEL. AUD IS STILL FUNDAMENTALLY WEAK, THE CURRENCY NEEDS TO GO LOWER TO SPUR GROWTH SO PAIRING IT AGAINST THE POUND IS A HIGH PROBABILITY TRADE BECAUSE THE POUND IS THE 2ND STRONGEST CURRENCY AFTER THE DOLLAR. WE'VE HAD A TWEEZER BOTTOM AND SUPPORT FOLLOWED BY A HAMMER REJECTING OFF THIS LEVEL. FIRST TARGET ON THIS PAIR IS AT 1.9800
GBPUSD 4 HOUR SHORT LOTS OF UNCERTAINTY WITH GBP BECAUSE OF THE ELECTION WHICH IS CAUSING THE POUND TO DEPRECIATE. PRICE BROKE OUT OF THE RANGE LAST WEEK AND IT IS NOW LOOKING TO RETEST THE RANGE LEVEL (SUPPORT TURNED RESISTANCE). THIS IS A TEXTBOOK TREND CONTINUATION PATTERN (BREAK,RETEST,CONTINUATION) IF PRICE MANHES TO RETRACE BACK UP TO MY SELL ZONE I ALSO HAVE 2 FIB CONFLUENCES WHICH ARE THE 38.2 AND 50 FIB LEVEL. TARGET BACK DOWN AT SWING LOW WHICH IS ALSO A PSYCHOLOGICAL LEVEL.(1.46000) ALSO PRICE SEEMS TO BE APPROACHING A DYNAMIC RESISTANCE (20SMA)