Receive automatic alerts of emerging and completed Fibonacci patterns from straight forward extensions, retracements, and ABCD patterns, to more sophisticated setups like Gartley and Butterfly formations.
Autochartist automatically identifies Fibonacci Patterns and visually illustrates the levels at which support or resistance is expected according to the theory of the Golden Ratio. Such levels can play an instrumental role in setting stop-loss levels and determining trading objectives. Autochartist also has the ability to identify patterns that are in the process of forming. This highlights to Fibonacci traders where they need to focus their attention for the next high-potential trade opportunities.
Emerging vs. Complete Fibonacci Patterns:
Emerging Fibonacci patterns are slightly more convoluted, as there is more than one hypothetical condition which needs to happen for the pattern to complete.
The setup for an emerging Fibonacci pattern has a theoretical final turning point set at a particular price level, indicated by a pink dot on the graph. For the pattern to complete, price not only has to reach that level, but it has to find support/resistance at that level and retrace in the opposite direction.
If either the price does not reach the target level, or it does not turn around at that level, the pattern will expire.