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Re: [amibroker] Fib projections



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Osondu,

Friday, October 17, 2003, 7:32:32 PM, you wrote:

<snip>

OU> 2) I downloaded a trial version of AB in Jan, but because it didn't
OU> have Fib projections I went down the Ensign route at a monthly cost of
OU> $40 to myself.

Ensign IS another great program for line (and other) studies.
Personally, I just really dislike the monthly lease / rental model, at
least from the customer side ;)

OU> 3) I was otherwise very impressed with AB & made a mental note to check
OU> it out later, having heard (from the grapevine) that Tomasz is
OU> constantly improving the software.

AB is a very powerful package, and I am confident that Tomasz will add
the functionality, its just a question of when (and finessing the
how). Data / broker independence is one of its strong suits... This is
important to me what with eSignal buying Trading Tech (Advanced Get),
Reuters buying Equis (Metastock), Omega becoming a data vendor and
broker. All they care about is locking you in for the data / brokerage
subscriptions fees. And DT just isn't an actively enhanced package and
is very limited in its data connections (esp. realtime).

OU> 7) Joe, I wasn't to clear on your reverse retracement & drag
OU> workaround.  Do you mind elaborating.

Remember, AB can't do date / time ext / projections at all yet (with
drawing tools).

With respect to price, what you want to do is to reverse the fib
measurement direction from that of a standard retracement / extension.
So, if you are measuring an upswing, turn on your crosshairs as you
will not be touching (both, if any) actual pivots. Also, make sure
that the snap-to-price (magnet) is off. For a fib price projection
(APP) of an upswing for example, you would click the swing high price
level first (anywhere on the chart) and the swing low price second
(again somewhere on the chart to the right of the previous click). Ie.
you are just drawing a fib structure from the upswing top price level
to the upswing bottom price level somewhere on the chart. (Since the
order of an upswing on the actual price chart is low, then high, you
can't click on both of the swing pivots themselves.) Once created,
you just drag the fib structure to your desired starting position (the
start of the next upswing). Obviously you can right click / properties
to set the levels wanted. Not pretty for a lot of reasons - no snap to
price, meaningless trend line floating in space, etc. but it works in
a pinch. Hope that made sense.

-- 
Best regards,
 Joe


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