Fibonacci Adjustment for MetaTrader 4

[Black Knight]

Those using the MetaTrader 4 plaform may have noticed that it plots fibs a bit differently from other popular charting packages such as eSignal, VT Trader, and TradeStation.  The following document will assist you in customizing the Fib settings within MT4 so that it can plot both retracements & extensions simultaneously, making it easier to follow the trading systems presented in our training videos.

Good trading,

-=BK

[Black Knight]

 
Also...
 
If you'd like to see prices as well as percentages appearing on the Fib line labels, then add " - %$" to the Description field of each Level within the Fibo properties screen (as shown below):
 

[evangelist_12]

where in the metatrader do you change the defalts in the program for the fib peramiters?

thanks
Ev

[Black Knight]

Please see the Fibo.pdf document above - it describes it step-by-step.

Here's a direct link: www.fx-knight.com/dl/Fibo.pdf

[evangelist_12]

That was a great help!!  I was able to put in the values as you gave them.  This mentor idea you speak about what does it include in more detail please.

I've had my hand in trading for a number of years and followed an number of trading technical analysis but for the most part it has only made me more poor not the other way around.  I've not used the metatrader 4 before and have taken courses in pivot trading but again it was short lived and never gave me consistant treade.  Also I do not intend to live infront of a monitor to hours on end to make aliving but I am intereted in what you might have.  thanks
EV

[Black Knight]

 
Hi EV,
 
My guess is that the other systems you tried in the past were someone else's, and not tailored to fit your trading style.  A good trader knows how to adapt things, but I've found many out there lack a deep enough understanding of the essentials of how to trade.

It all starts with that, and it starts with mentorship - not being taught at, but rather watching someone with more experience think through their trades, interpret news, breaking apart systems into their individual components, and having your own trades and analysis reviewed.
 
There is no "holy grail", no system that will beat all others... there is only having the knowledge of how to read the markets and to pick the best tool for the job.  And that's what we focus on in our Pro group.  That's exactly how banks train their traders - and banks, after all, have the tallest buildings.   
 
If you'd like more info, please have a look at:
www.fx-knight.com/smForum/index.php?topic=8.0
www.fx-knight.com/reviews.html
www.forexpeacearmy.com/public/review/www.fxknight.com
www.fx-knight.com/pro.html

[Trade It]

Hello BK,

Could you let me know if I have done this right.  I figured since I'm getting geared up for the pro room, I would use the levels on your website.  I'm posting an example.

[Black Knight]

 
Looks fine to me, Trade It.  Your Fibs are drawn correctly, and you have all the right indicators.  I use some custom variations, but all Pro members receive a free charting template for MT4 which will give them all the tools I'm using and exactly the same thing I'm seeing.  Now you just need to put in some practice using all these tools together (and be sure to meet me in the chat room at 18:00 GMT and ask any questions you may run across as you use this).

Best,

-=BK

[Black Knight]

 
Here are the custom Fib levels we typically watch:

Level 0 0.146 0.236 0.382 0.5 0.618 0.786 0.86 0.942 1 -0.18 -0.27 -0.382 -0.618 -1 -1.618 -3.236

Description   0.0 - %$   14.6 - %$   23.6 - %$   38.2 - %$   50.0 - %$   61.8 - %$   78.6 - %$   86.0 - %$   94.2 - %$   100.0 - %$   118.0 - %$   127.0 - %$   138.2 - %$   161.8 - %$   200.0 - %$   261.8 - %$   423.6 - %$

 
And here are the C-to-D rules:

23.6%  >>  118% | 127%
38.2%  >>  138.2%
50% | 61.8%  >>  161.8%
78.6%  >>  0% | 161.%
86.0  >>  0%
100.0+  >>  Reversal

-----------------------------  
Hi everyone.
I created a small video to help explain how to make the fib adjustments.  After you download it, please unzip it before viewing the recording.
http://www.mediafire.com/?u7dbyda4mv9c41d

1greyfox
-----------------------------

[r326196]

something i dont understand if there a deep pull back frm B to C, would you view as a trend reversal?
How would you determine a trend reversal?

[Black Knight]

 
Any "retracement" beyond 100% is a reversal.   

Sometimes using Fibs in combination with other indicators and also a larger time frame you can catch the reversal earlier.
 

 

[cornelius]

Hi to everyone!

Thanks Black_Night for this very helpful tip about Fibo retracements. However, there is another thing that would help a lot: how to set these defined retracements as the default ones?
I know that after setting them they all appear when adding retracements, but...
I add all retracements for the pullback 1, then delete some and leave e.g. 3 of them.
Then for another pullback I want to add 5 other retracements, but I have on the list only those 3 .
I have tried to define a template with name "Default" but with no success.
Maybe you know how to do that?

Kind regards,
cornelius

[Black Knight]

 
You might need to code your own indicator for that one.  MetaTrader treats Fibs as "objects" and not "indicators", therefore it does not save them as part of a template (not sure whether MT5 will fix this or not).  It simply draws all future Fibs with the settings of the last one you used.

[cornelius]

So, it is a problem. I don't feel to write the code myself and MT5 will be 'someday'. The temporary solution is to draw all retracements for all pullbacks and then delete unwanted but it makes a big mess on the chart.
Thank you for the answer.

cornelius

[Black Knight]

 
You could always just focus on 38, 50, and 61 - those are by far the most common.