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Joe: yes, you are entirely correct....sorry I missed the distinction.
I made this point to Tomasz back before there was a fib tool. Dragging
the entire structure seems to do the same thing, however, and I am not
sure which is more tedious, dragging or clicking a third point. Seems
pretty moot to me. That said, however, I think the best projection is
that programmed into Advanced Get.
Ken
-----Original Message-----
From: Joe Maywood [mailto:jmaywood@xxxxxxxxxxx]
Sent: Friday, October 17, 2003 4:04 PM
To: Ken Close
Subject: Re: [amibroker] Fib projections
Hello Ken,
Friday, October 17, 2003, 2:16:55 PM, you wrote:
KC> The fib drawing tool can be configured to show fib extensions as
well as
KC> retracements. Draw a fib retracement as per the help file between
two
KC> points. Position your cursor over some part of the fib lines and
the
KC> cursor will turn into a 4 arrow cursor. Double click to open the
KC> settings box. Click on the tab labeled Fibonacci and you will be
able
KC> to set extension ratios, such as 127.2, 161.8, 268.8 etc. There is
a
KC> check box labeled "Show extensions" that must be checked to see
these.
KC> Hope this helps.
Ken,
Actually a fib projection is different than a fib extension which is
what you are describing. An extension is a > 1.0 retracement from the
same two points that you would use for a standard retracement.
A projection, on the other hand, requires 3 points, two for the distance
being projected and a third to position the start of the projection.
While this can be done, by doing a "reverse" retracement and dragging
the whole fib structure to the appropriate starting position (making
sure you don't have snap to price on) its very tedious.
I mentioned this, amongst similar enhancements, to Tomasz a while back
and really didn't get any firm commitment. There are a number of drawing
tools like this that would really benefit us discretionary traders, but
the system traders in the group, by far, have the loudest voice...
- Joe
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