well i am Not a Robotic or Systematic trader. I am a choreographic trader. I prefer to move in a fluid/flexible movements, rather than in a rigid/robotic way by looking for PERFECT squares and rectangles ! LOL.
to answer your question, I use BOTH 2250 and 240
when I feel like taking a Loooooong-term trade that may last more than ONE day
I use
Fib_Period setting
of 2250
in the
AutoFibo Trading Zones_1
indicator
on H1 chart
exactly as ORIGINALLY given/shared by Mohd Ridzuan !!
but when i feel like taking short-term trades by scalping, on a small account or by using a high-frequency trading style, i REDUCE the
Fib_Period setting
from 2250
down to
240
in the
AutoFibo Trading Zones_1
indicator
on H1 chart !!
and with this REDUCED Fib_Period setting, i only see the past TWO weeks of Fibo zones (Buy and Sell zones) rather than seeing Fibo zones that are drawn based on the past 94 days of activity on the chart
so basically according to me, if you are trying to make MONEY for the Day (for today / Day Trading), Don't look at what the market did 3 or 4 months AGO or worry about where price reacted a Lot (Reversals and Rejections) 3 or 4 months AGO !! To wait for price to reach these levels it can require a Lottt of UN-necessary patience for someone who wants to make money (for today / Day Trading) because for Day Trading you want to ALSO take advantage of the small Daily price activity/reaction levels ! So for Day Trading, I want to look at where price has been reacting a Lot (Reversals and Rejections) over the past TWO weeks only !
BEAR in mind that when you count the most-recent 240 candles on H1 chart, you are indeed counting backwards to see the past TWO weeks of price activity/reactions, BUTTTTT if you switch the timeframe of that SAME chart to M15, you are now literally looking at ONLY the past 2.5 days of price activity on that SAME chart !! So I see a Lotttt of people making a mistake, they think that these settings are some PERFECT numbers !! When you have a period-setting of 2250 on H1 chart, the Levels you see are applicable ONLY to the H1 timeframe, the moment you switch that chart to view/look at it in ANY OTHER timeframe, even with that SAME period-setting of 2250, the Levels you see are now COMPLETELY DIFFERENT, they are NO LONGER related to the levels you saw on the H1 timeframe !!! I hope I am Not confusing anyone with this statement/story.