Fibonacci Retracement (S)-GoldThe Automatic Fib Retracement-Gold script indicates the 38.2%, 50%, 61.8% and 65% pullback regions.
The lines of the upper and lower pivots , the support and resistance areas are also highlighted as well as the Golden Pocket.
Customisable Fib Length - Time period over which max and min pivots are chosen.
Offsetfib - Automatically offsets the pivots and sell zone as your entry position
will be some time after the upper and lower pivots are set.
Works well when used in combination with an oscillator which highlights Divergence.
A strategy based off buying the 50-618 with a defined stop loss the other side of the 65 can easily be formulated. This tool will automatically plot those points but a defined Risk Management strategy will always be needed.
The 382 region can also be plotted, allowing for lesser retracements coinciding with wave 4 pullbacks (Elliott Wave Traders).
Works best in Bearish trends but will work on all timeframes ( Bearish correction in an uptrend also possible).
Previous pivots shown but be careful to identify which of the several pivots you are using.
Start at a larger timeframe and move down. (Entries consistent on several timeframes are golden)
Pivots and retracements are dynamic. Be sure to note your entry and targets.
