The advanced fibonacci waves is the engine behind the TFA Sniper. In this tutorial I’ll show you how well this system works and how it fits into the TFA Sniper.
Every line you see here in the advanced fibonacci waves is derived from advanced fibonacci mathematics and calculations.
In the picture above, you can see how price bounces off the fibonacci lines really well. Whether it is one single fibonacci line or a combination of the lines. Even when price is free falling, the ability for the advanced fibonacci waves to so accurately pick the bottom for the bounce is something very few other indicators can do.
The beauty of this? This is just for a single time frame.
Imagine if we combined this accurate indicator not just on one time frame (which it already works really well on) but on 7 time frames. The combined strength of the fibonacci levels would be very strong in predicting where reversals would occur.
And this, my friends, is the concept behind the TFA Sniper. If we are able to find fibonacci clusters, they would prove really profitable to trade off. The only way to do this is to use a matrix format with 7 time lanes (each lane represent a particular time frame). All this will be explained in more detail in our tutorial on what is the TFA Sniper.
Can it be used as a standalone indicator?
The advanced fibonacci waves can be used as a standalone indicator by itself. Obviously it works better when you use the concept of fibonacci confluence and combine it across multiple time frames, but it can also be used as a standalone indicator.
If you’re going to use this indicator to trade off the charts directly, a very good approach would be to combine this with the many other technical analysis tools and indicators we have. We have a very profitable strategy here that combines just the advanced fibonacci waves and the fibonacci pivot points.
The recommended technical analysis indicators you can combine with the advanced fibonacci waves on a chart are :
- Fibonacci pivot points
- Best support and resistance indicator
- Adaptive moving average channel
- Adaptive RSI indicator
- Adaptive Stochastic indicator
The recommended technical analysis techniques you can use with the advanced fibonacci waves are :
Now that you have learnt that the advanced fibonacci waves can be used to pick combined areas of support/resistance through the TFA Sniper and also as a standalone indicator with the help of other indicators and technical analysis (of course). Then you can move on to the next article which would show you how the advanced fibonacci waves look like in confluence with each other on the chart, otherwise known as the TFA Fractal Waves indicator.