DislikedNo, I am a mid term trader - I trade mainly off of the Daily - looking at the 4h and 1h for entries and set ups. I look at the monthly to get a BIG picture view...
If you use Fibs, draw one from Oct 2000 lows to 2008 highs and the 50% hits right @ 2150. Just a thought and if I was in the business of trying to pick a bottom or where we'll see a trend reversal (which I try not to do) I'd say 2150 or there abouts is a decent area.
I hope that makes sense, I am not saying we are in an "up" trend, my view as a midterm trader is the dailys are...Ignored
For instance, if the daily, 4H and 1H are down does it matter if the monthly is up or for that matter does it help any more if it is down since you trade off the D1/4H/1H only. The only trend that should matter is the one you are trading and one or two timeframes higher. As you do.
As far as fibs, why was there a bounce at 1.2329 and not closer to 1.2150? Because fibs just like anything else are not infallible. BTW I do use fibs and will be watching 1.2150 as well.