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Bill Graves

Veteran
10025
Posts: 125

Joined: 11/25/2006
Location: Phoenix, Arizona

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Subject : RE: Holy Grail indicator?
Posted : 6/14/2007 2:57 PM
Post #12247 - In reply to #12246

Hi Tom,

You are exactly right. You wrote:

The entry point (Buy Stop) was the high of the bar immediately preceding the penetration (or touch) of the 20-day EMA. That, of course, would be on June 4th as marked.


As you can see, however, the trigger bar can change if price goes lower. -:)

I will indeed try to get answer about distance of penetrations through the 20 EMA.

The 1.28 FIB Extension (or more properly the 1.272) is computed by identifying 3 points:

1. The 3/5/07 Low @ 51.00
2. The 5/21/07 High @ 65.50
3. The 6/8/07 Los @ 61.23

This will produce a 1.272 FIB target at approx 79.50
The next most common target would be the 1.618 at approx 84.50

You could generate closer targets by using the 4/2 Low instead of the 3/5 low and come up with a 1.272 @ 71.81 and 1.618 @ 74.67.

I use the eSignal FIB extension tool to do this. I don't know how to do this with OT's FIB tool. I am guessing it cannot because Kris wrote an indicator to do this:

http://www.omnitrader.com/omnitrader/proforum/thread-view.asp?threadid=1045&posts=7

See Kris' post #5227 with his custom indicator.



Cheers,

[Edited by Bill Graves on 6/14/2007 3:08 PM]

Deleting message 12247 : RE: Holy Grail indicator?


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