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In your illustration, Dusant, are you saying that you assign the 23.6
retracement to the first low
after the peak, and then project forward from that point to include all
the Fib retracement levels?
Claud
Dusant@xxxxxxxxxxxxxxxxxx wrote:
<blockquote type="cite"
cite="">
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.
http://tinyurl.com/3xdlt
This chart displays what
ultimately happened.
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.
Dusant
Chief Architect
www.candlestrength.com
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