FibElliDott
5 to 15 points of confluence in each FibElliDott
The AlgoBox™ FibElliDott (or "FibDot") is an indicator that requires at least 5 points of market structure confluence from Fibonnaci retracements, extensions, projections and Elliott Wave patterns, in order to appear. It is used in confluence with many setups that the AlgoBox™ trading system has offer.
There are 6 types of FibElliDotts: 3 for Bearish signals and 3 for Bullish signals.
The stronger the FibElliDott, the more points of confluence are present, up to 15 points of confluence for the strongest dots: Bullish FibElliDotts: -Dark Green: Moderate strength -Bright Green: Strong -Blue: Strongest
Bearish FibElliDotts: -Dark Red: Moderate strength -Bright Red: Strong -Pink: Strongest
FibElliDotts are used in confluence with other indicators such as Harmonic Patterns, FlowMaster™ Crosses, FlowMaster™ Alpha-Omega Crosses to stack even more confluence for your trading analysis.
On rare occasions, shortly after the FibDot appears, price may continue beyond the FibDot - which would then be considered a "pierced" FibDot or potentially a Piercer strategy, if there are other factors of confluence supporting the Piercer strategy. If price continues beyond the FibDot almost immediately, the FibDot may be retracted.
Only available on AlgoBox™ for NinjaTrader 8. Try AlgoBox™ for free today.
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