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1,618 projection usually indicates exhaustive price action. Often, when price action exceeds the 1,618, it usually represents extreme price action that is difficult to sustain. The 1,618 can also be considered as overbought/oversold since the 1,618 represents price action that is too extreme. Therefore reversals that occur beyond this area will usually happen quickly. When the 1,618 projection within a PRZ has been tested, the determination of the trades execution is imminent.
Bullish 1,618
When a bullish 1,618 projection occurs we can often assume that we're facing an extreme sell-off. When price action is declining, the trend can often become over-extended. Then 1,618 projection point can identify profitable set-ups, since price action that reverses from these over-extended areas can frequently provide sizable reactions.
Other than RSI I haven't been using indicators but I did download the Scapler and set parameters as you have shown. It doesn't seem to paint bars consistently. I followed it on a 2 minute CL and SPY chart. It painted a few bars but them just would put the indication arrow up and not paint bars. Although I did see the bar at 11:02 paint after the 11:48 bar closed. Refreshing the chart would then paint all the bars that should be painted, I think. So I not sure if it's working properly for me.
See attachments of CL bars not painting then refreshed CL. Black is the paint bar color. I added the indicator at 9:15-9:30ish on chart.
Also thanks for long write up, I got a lot out of it.
I'm glad you liked the long write.
Speaking about the scalper, I'm still in the observing mode. But what it does is to plot reversals on the third bar.
A reversal is when the price doesn't engage in the continuation of it's previous direction. Meaning that as soon as we get a higher high in a down direction (and vice verse), we have a reversal. The scalper, plots an arrow on the bar that's trading a higher high in a down trend (meaning the second bar after the potential reversal bar). You'll be getting the plot on the reversal bar, if the third bar closes above the second bar's high. In theory you'll get your signal on the close of the third bar, or the opening of the fourth.
Is that good/safe? In conjunction with the HR yes, it's good (have it under observation before you start using it though). You can also use it more aggressively by taking the entry on the opening of the third bar, that by waiting for the arrow to plot on the second bar. But remember, use it in conjunction with the HR, and learn what and how it is doing first.
"It's called Scalper and it plots a signal after 3 higher closes or 3 lower closes. (I've just put it on my charts, and I'm still observing it, and it seems that it plots the high/low instead of the close). Any help will be appreciated in observing and developing it."
That's all I was trying to do was observe and give you some feedback, that it was not painting properly the all time. I'll try to explain a little better. The indicator basically quit painting bars after a little over an hour after adding the indicator to the CL 12-09 2 min chart. Then it painted one reversal bar an hour and a half after it had painted the last previous bar. The bar it painted had nothing to do with the current reversal area and several other bars should have ben painted in between. So during realtime streaming data, it is not painting all the bars it should. When I hit F5 to refresh the chart, bars that should have been painted realtime were then painted. See second chart. I had a SPY chart on 5 min that did the same. Roughly after an hour it quit painting reversal bars. Hopefully that is clearer than my first post, I believe understand how it is suppose to work, it's just that it didn't work properly on my charts Friday. I don't know if it's the indicator or my Ninja setup. I've read numerous times how one person has nothing but problems with something on Ninja and another person has no problems. For what it is worth.
I'm sorry for the misunderstanding. I thought it painted the black bars as reversals, on your charts. My bad!
Anyway, I'm not experiencing what you're describing on my charts. It could be something with your NT. Try to reinstall the whole thing (do a backup first). And put in only the indiactors you use for now. I don't know if that helps, it's just a guess!
If I were you, I would have sent an email to the Ninja guys. In my experience they're very helpful.
Let's do this instead. Let's record a CL 1 minute chart for say 10 minutes, starting 14,15 that's 4 minutes from now, and let's post it here in order to see the differences!
Refreshing the chart would then paint all the bars that should be painted, I think. So I not sure if it's working properly for me.