hi
why does my mt4 fibonacci tool seem to draw the levels backwards?
I plot A to B and the values read A at 0% where I would want A to be 100%.
If i draw it the other way the the extensions go the wrong way.
any help please?
pipanese,
to explain the most simple method of using and drawing fibonacci-levels:
You have a strong upward moving market i.e. EUR/USD from 1.31 to 1.32 and want to get retracement levels for example to re-entry with a BUY. So you move your fib-drawing from 1.31 to 1.32. 1.31 gets 100%, 1.32 = 0%. Now you’re able to see the retracements of .382, .5 and so on coming from 1.32 downwards to 1.31. You want to enter at .382? - Wait until price retraced from 1.32 to the .382 line and buy.
josch
i found it.
to anyone else that may understand what my problem was and has a similar issue
I found out the way to edit the fib tool in mt4 from this guy’s link.
Fibonacci Adjustment for MetaTrader 4