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Djcue13
Posted : Monday, June 1, 2015 12:37:25 PM
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Joined: 4/3/2015
Posts: 8

So I watched the video on Fib Retracement and I got the formula to work on a Daily chart, but I'm trying to get it to work on an Intraday level.  I adjusted the formula for a 5 minute chart to: 

(C - MAXH12) / (MAXH12 - MINL12) * 100

To show the last 1 hour (12 bars) and 2 hours (24 bars).  For some reason I don't think its working as I want.  I set this as my sort in a watchlist as well.

What other information do you need from me to get this to work.

 

Thank you

Bruce_L
Posted : Monday, June 1, 2015 12:52:29 PM


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Joined: 10/7/2004
Posts: 65,138

I'm assuming you are referring to the Fibonacci Retracement Levels video. If so, the formula you have is exactly what I would use for an hour on a 5-minute chart instead of 6 months, 1 year or 3 months on a daily chart.

The 2 hour version would double those values.

(C - MAXH24) / (MAXH24 - MINL24) * 100

Make sure the formula is in fact set to use a 5-minute time frame. If it is set to use another time frame it will cover a different span of time.

Also note that if you edit it a formula after using it (for example as an EasyScan Condition or WatchList Column), those changes will not be reflected unless you remove and re-add the EasyScan Condition or WatchList Column. This is because a copy is being used which is not linked to the original in any way.



-Bruce
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Djcue13
Posted : Monday, June 1, 2015 1:12:15 PM
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Joined: 4/3/2015
Posts: 8

Yes, I think I had to redo it... I think I had it set to Daily Timeframe, but when I made the change to 5 Minutes... I don't think I removed and readded it to get it to work.

Let me check and do some tests on it.  Thank you.  I'll chime back if I need to further refine this a bit.

MoreAces
Posted : Saturday, June 13, 2015 11:24:59 AM
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Joined: 8/23/2013
Posts: 245

Bruce is there a way to interpet this plot to find fib Extension or modify the formula to calculate extension level reached (i.e. 161.8 261.8 etc)

daytradingpwr
Posted : Monday, June 15, 2015 12:15:11 AM
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Joined: 6/15/2015
Posts: 21

I need help building a PCF for the following retracement.

I would like a PCF that I can add to an easy scan that would look for stocks that retrace 61.8% on the fobonacci retracement from the close of the previous day to today's high.

I plan on adding a condition in the easy scan to look for stocks that are green on the day only, and have a range of at least .20 on the day, before this scan picks anything up.

Thanks much

daytradingpwr
Posted : Monday, June 15, 2015 12:21:42 AM
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Joined: 6/15/2015
Posts: 21

Here's an image of what I am looking for

 

 http://charts.stocktwits.com/production/original_38251141.png?1434342047

 

Bruce_L
Posted : Monday, June 15, 2015 12:29:23 PM


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Joined: 10/7/2004
Posts: 65,138

MoreAces,
You would probably have to describe what you want in more detail in order for me to provide an answer.

daytradingpwr,
The following Condition Fomula would need to use a daily time frame.

H - C >= .618 * (H - C1)

Adding the range requirement would result in the following Condition Formula.

H - C >= .618 * (H - C1) AND H - L >= .2

Being green on the day would depend on if you mean the close is above the previous close.

H - C >= .618 * (H - C1) AND H - L >= .2 AND C > C1

Or if the close is above the open.

H - C >= .618 * (H - C1) AND H - L >= .2 AND C > O

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-Bruce
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daytradingpwr
Posted : Monday, June 15, 2015 5:24:46 PM
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Joined: 6/15/2015
Posts: 21

Bruce, I love you. Works like magic.

 

MoreAces
Posted : Saturday, October 17, 2015 11:32:33 AM
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Joined: 8/23/2013
Posts: 245

Bruce from above post June 15h

The following Condition Fomula would need to use a daily time frame. H - C >= .618 * (H - C1)

 

What would be the formula for the reverse of this (the low downward extension)

Bruce_L
Posted : Tuesday, October 27, 2015 1:39:13 PM


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Joined: 10/7/2004
Posts: 65,138

I suspect you want the following.

C - L >= .618 * (C1 - L)



-Bruce
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