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Claud,
That is right. Some people argue that assigning
the 23.6% to the low, is wrong, and we should take the next lower high
(in this illustration), but I just use this as a tool. It is not sacrosanct. It
does, however, gives us the "alert levels"
DusantChief Architect<A
href="">www.candlestrength.com
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Claud
Baruch
To: <A
title=Metastockusers@xxxxxxxxxxxxxxx
href="">Metastockusers@xxxxxxxxxxxxxxx
Sent: Wednesday, March 03, 2004 23:31
PM
Subject: Re: [Metastockusers] Fibonacci
Projections
In your illustration, Dusant, are you saying that you assign
the 23.6 retracement to the first lowafter the peak, and then project
forward from that point to include all the Fib retracement
levels?Claud<A class=moz-txt-link-abbreviated
href="">Dusant@xxxxxxxxxxxxxxxxxx
wrote:
<BLOCKQUOTE cite=""
type="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.
<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
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