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This is the simple version of the indicator, I mainly use the confluence indicator, as it plots fewer lines. Fewer occasions to trade, but higher probability trades.
Thank for sharing your knowledge.
I Just found Fibo Clusters two days ago. They fit my style of trading. I try to combine more method of S/R (swings HLC MP PIVOTS vPoC simple fibonacci from past day) and where they fit together they become more valid for me. I would like to use cluster too but still dont know how properly get the confluence zone from the cluster. For me there is too many lines and thats it
The fib cluster indicator does not display confluence zones, but it displays single lines. If you are just interested in yesterday's fibs, you may just display the Z lines, which are the most recent lines of the indicator. The different letters of the alphabet are used to identify different swings to calculate the retracements and expansions. The largest swing identified by the indicator is the A swing, the smallest swing is the Z swing, which relates to yesterday's and today's price action. I attach a screenshot of indicator settings for the FibClusterV14 and a chart below.
For intraday price action you can also download the CurrentDayOHL indicator (part of the SessionPivots V29 package). It shows Fib retracements calculated from today's high and low. Shown on second chart below.
If you want confluence zones displayed, you would need to use the FibZones indicator. Shown on third chart below.
Scott Carney's books the harmonic trader wil offer some insight into building the right side of the chart. Jeff manson whose work is not published at this point has done extensive work in prior price movement dictating future price. I sat through some of his training. The following are price movement anticipated from prior movements. An understanding of Elliot will help out a little also. After reading this thread I will definitly incorparate a few other indicators.
The problem with Butterfly patterns is that you do not really know, when the pattern will complete. Some of them have an expansion smaller than 1.272, others approach 1.618