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How Do I Use the Fibonacci Expansion and Channels

 
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ajfx50

How Do I Use the Fibonacci Expansion and Channels

Hello everyone,

I hope you're well. I was hoping someone who might be more familiar with the Alveo platform can make some suggestions on how to best use the Fibonacci Expansion and Channel drawing tools to improve my trades. I've played around with them but don't seem to be making any traction.

Thanks again, happy trading

Tue, 07/02/2019 - 6:00pm
 
ajfx50

Also, any advice on using regression trend channel for trading? I've tried to gather what I can online but am not having any luck digesting the information. Any source or advice would be appreciated.

 
Coder

I'm very familiar with Fib retracement and expansion/extension levels and use them every trading day on another platform. I'm embarrassed to say I can't figure out how to use the Alveo Fibonacci Expansion tool. I called support and there is no document or video that explains how to use it. I tried the website search and Alveo help.

Anybody know how to use this tool on Alveo?

 
Coder

OK, I think I got it. There are 2 legs you can highlight and move. Have them be the same length and cover the same range. If you do it right you get the 0% and 100% lined up on the range you want, and the Fib extension levels will extend in the right direction.

I like to use the 1.272%, which is not a default. You can change the 1.382% to 1.272% by putting the cursor over the highlighted leg and double clicking. Then you'll get the Chart Object fields. Click on the Levels drop down arrow and click on each level until you find the 1.382, then edit the Value field. Then click OK and the Fib level will change on the chart.

 
jeremeyhustman

Step 1: Open Tradingview.com
Step 2: Use the tools there.

I'm kidding. Of course, I don't think those two tools actually work in Alveo. The 'Fibonacci Retracements' seems to be the only Fibonacci tool that works ok (the fan, sort of) click and hold at a low or high 'pivot point' and then go to the next tallest (or lowest) low or high and release the mouse button...

 
jeremeyhustman

I see, yeah, you can adjust that little leg that sticks out (on the expansion tool), but I'm not exactly sure where best to place it?

 
Coder

Found an even better way. Rather than use the Fib Expansion tool, use the Fib Retracement tool and change one of the far out levels to 1.272 or -0.272 as needed to see a 27.2% extension.

 
caflischmartin

Well,it really depends for what you like to use it.I use it to get a profit target on the 1minGBPJPY intraday ,
scalping.
I tried to use it with ALVEO,but its too much a hassle using laptop screen only,I draw it on mt4.

07052019 GJ  Fibo Ex no 1.jpg
 
caflischmartin

Entry at the high short right now.
Any trading done is your decision only,this is not a trading signal !
Just an example to show how I trade only.

GBPJPY entry now 13092019 1245.jpg Adjusted .jpg
 
caflischmartin

When it goes higher than 134.72 remarkably and closes there I am out.

 
caflischmartin

I think thats it guys,I close here and do other things.
Gave me another 30bucks ,thats fine.
Best entry was at 134.68 about 345pips in total with a max of 0.25 in total(half of the possible 0.5),thats a 25positions.

Target at 100% 133.32.jpg