Frogification & Fibonacci Retracements From Supports
Something I like to do (although not as much as I want to) is approximate a support trendline in a clear uptrend, and obtain Fibonacci retracements from this support.
A non-arbitrary method is to return retracements from the support using a relevant swing high, the retracements will have the same angle as my support.
The chart above shows an instance of this method in a prior trend on FROG. Notice how each retracement starts at the same x1 coordinate.
We can skew our retracement starting point such that the retracement with ratio = 1 starts at the coordinate of our reference swing.
This method is also valid and will tend to return more spaced retracements. Here is how this approach looks for our current chart.
Price position relative to our retracements could indicate the possibility for an upward bounce.
Keep on frogin.
A non-arbitrary method is to return retracements from the support using a relevant swing high, the retracements will have the same angle as my support.
The chart above shows an instance of this method in a prior trend on FROG. Notice how each retracement starts at the same x1 coordinate.
We can skew our retracement starting point such that the retracement with ratio = 1 starts at the coordinate of our reference swing.
This method is also valid and will tend to return more spaced retracements. Here is how this approach looks for our current chart.
Price position relative to our retracements could indicate the possibility for an upward bounce.
Keep on frogin.
Check out the indicators we are making at luxalgo: tradingview.com/u/LuxAlgo/
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