Hello,

I came upon this image in some forums and noted that the creater of this image also uses TC2000. Can anybody give me some insight in how I can draw a fibonacci projection as was in this image? Thanks for your time.

- Dan

The basic way to use the Fibonacci Projection drawing tool is to choose the drawing tool from the drawing tools menu on the right of the chart.

You would then click on the place where you want to start the first leg of the projection. This would normally be at a low point. Hold down the mouse button until you get to the point where you want to stop the first leg of the projection. This would normally be a localized high of some sort.

This first leg establishes the distance covered from 0 to 100%.

Now click on the right end of the second leg and drag it to where you want to end the second leg. This would normally be a localized low of some sort to which price retreated after making its high.

The projection will not put lines going from the end of the second leg in the direction of the first leg. Where the lines are plotted depend on the size of the initial first leg. So if price ends up moving as much as it did in the first leg, it will make it up to 100.

Using Drawing Tools in TC2000
Drawing Boards Manage Your Chart Drawings
Scratch Boards & Drawing Tool Updates

Haha, thank you bruce for making me realize that I was running a an outdated version of TC2000 on my computer!

The old version did not have the tool, and that made me confused because I couldn't find it anywhere until I searched wodern.com and realized that there's a new version, which I have already downloaded. Thanks for your time, Bruce.

-Dan

You're welcome.