Simply referring to the fact that fib extensions are tool 2 and fib projections are tool 3. They are different tools, members of the family anchored and calculated as differently as extensions are from tool 1, fib retracements. They different, not the same, not semantics.
The tools in Sierrachart are not really different at all...
Here's the docs...
https://www.sierrachart.com/index.php?page=doc/Tools.html#RetracementExpansionProjection
Of particular note...
Price Retracement... Using this tool involves drawing a line. To do this, left click with your Pointer on the chart to mark point A, move the Pointer and left click again to mark point B.
The line A-B represents the length of price move.
Price Expansion... Using this tool involves drawing a line. To do this, left click on the chart with your Pointer to mark point A, move the Pointer and left click again to mark point B.
The line A-B represents the length of price move.
Price Projection...
Using this tool involves drawing 2 lines that identify 3 points (A-B-C). To do this, left click with your Pointer on the chart to mark point A, move the Pointer, and left click again to mark B.
The line A-B represents the length of price move. Move the Pointer again and left click to mark point C. Point C is the point at which expansion/extension horizontal lines are drawn from. These expansions/extension lines are
calculated using the length of line A-B and they are drawn from point C.
Furthermore, for each of the Sierrachart tools, the number of levels can be increased or decreased, as well as the level percentages. These customizations can be applied to/for both ends of the A-B line, allowing for positive and negative levels.
I don't use fibs... they work when they work.
Break out the Pitchforks.
A trader has to determine if a setup rhymes closely enough to warrant an entry. A setup does not have to be perfect (fortunately) but a (day) trader has to develop the real time cognition to see a viable setup within the context in which it occurs.
