Does anyone have a program that will plot the retracements and show a potential buy or sell opportunity?
Hi,
You can google for the [B]ZUP[/B] indicator. It will plot gartleys and butterflies for you, but it will do so when it’s basically complete. When it does draw the triangles it also draws a rectangle to indicate an approximate D completion point zone. I still use fibs with it to narrow down that zone with converging fib levels based on the XA, and the AB projected from C, legs. There are several versions of the indicator too.
Hope that helps
Thank you Sweet Pip
Holy crap, there are so many. Which one is the best?
cant ever go wrong with using fibs imo
SweetPip,
I found and downloaded a good ZUP indicator. If you have the time could you explain how you use it and Fibs to calculate your entry and exit positions? After using several indicators I believe this is the ones I want to use and master to develop my trading plan.
Thank you
I really recommend this thread 301 Moved Permanently for explaining how to use fibs and helping you master them. It’s a huge thread but just focus on the first few or so pages and watch the video, then scan the rest which are mostly examples of others learning too. Also you could consider getting the book “Trade What you See”, and I recall other reference sources being linked to in the thread too.
I use these patterns as part of my trading plan when they converge with other technicals, not just them alone.
Have fun
Thank you, I will study the thread.