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Hi Folks,
I would like to post a few examples of how
the fibonacci projections can help a trader to determine his trading
strategy.
This chart details the test of plotting a 2 point
fibonacci projection. <A
href="">http://tinyurl.com/ywmbx
This chart details the plot which can be made
without the benefit of the data, which is going to come later, of which we do
not have any idea of.
<A
href="">http://tinyurl.com/3xdlt
This chart displays what ultimately
happened.
<A
href="">http://tinyurl.com/2mxhp
The idea of putting these charts here are to
illustrate, how we can project the support and resistance levels, to anticipate
when to open and close our long or short trades.
We normally plot the Fibonacci Retracements
after the fact, when the whole price play has already
happened. With this method, we can do it to anticipate the future price
levels.
The method is simple.
Point 1 is (in this case) the absolute
high.
Point 2 is (in this case) the next
low.
The reverse will be true in case we try
plotting from the low.
Take a look at the charts and convince yourself.
As usual, I am open for questions.
May I add, that I cannot take credit for this
method. I only have experimented with this, and tried to arrive at a
solution.
DusantChief Architect<A
href="">www.candlestrength.com<FONT
face=Verdana size=2>
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