Trading would be so easy ... and very profitable if only it were so simple as just doing X because of Y. Pick any TA technique - does it work sometimes, of course - does it fail sometimes, of course. Can any TA technique be followed blindly without any trader input whatsoever, of course friggen not. Donate your money to charity before letting software buy/sell just because a number, however it is determined, is hit without considering other conditions.
sk60, Where y'at? You got this? Here's a trade from today between 12:30 and 1PM, where this would'a worked like a champ at the 1.618 / Pivot area. Cha-Ching. Time's a Wastin'. - https://www.elitetrader.com/et/thre...t-right-here-baby.343012/page-16#post-5506234
Absolutely NOT arbitrary. This is important to understand. Fibs work regardless of Time Frame or Duration of trade. How to is knowing the Reason why Fibs used correctly are so valuable and used by most institutional traders as well.
After the Fed meeting today Fibs were quite profitable with repeated scalps on the ESZ1 That is Why the OP (original poster) was on track to automate his NT8 or other platform...
0 and 100 are supposed to be based on previous support and resistance lines which imo can be highly unreliable. And now more and more fib levels are being added to explain reversals I guess. LOL In my days, the only fib levels based truly on Fibonacci numbers are 0, 38.2, 50, 61.8, 100 and then that's it, none of these 78.6 or 88.6. And then 78.6 was later on added but now this 88.6? LOL After 100, it's supposed to be a new trend with new 0 lines. All the price moves that overshoot past 100, I would consider them failures of the fib system. Very soon, every 5-point move will be a fib level.