How to Draw the Fibonacci Extensions based on Previous Day Value
1. Load the previous day's data in full. Add volume profile; apply right-sided placement so that it is easier to draw out the fibs based on previous day
2. Draw out the Fibonacci Retracement/Extensions. Your Numbers are 0, 1, x.236 and x.618. In a market trading higher than the Previous Day Value Area, set the Value Area High as 1.00 and Value Area Low as 0.00. In markets trading lower, Value Area High is 0.00 and Value Area Low is 1.00.
3. In markets trading in both directions, draw it in both directions :-)
2. Draw out the Fibonacci Retracement/Extensions. Your Numbers are 0, 1, x.236 and x.618. In a market trading higher than the Previous Day Value Area, set the Value Area High as 1.00 and Value Area Low as 0.00. In markets trading lower, Value Area High is 0.00 and Value Area Low is 1.00.
3. In markets trading in both directions, draw it in both directions :-)
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