Sure is Tunji and good observation - that is very unusual .Maybe that is a sign of good luck
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(Personally, the 50% and 61.8% ret. levels are weak compared to the 78.6% ret. level as the confluences at both levels are not as strong as that of 78.6% - I might set my Limit Order just below the pivot @ 1.6437, which is just a few pips from fib 78.6%)Ignored
DislikedIn simple terms it's where Fib retracements and extensions overlap. Look for them at S/R areas or Pivots. You can do a Google search for more information.
http://www.investopedia.com/terms/g/gartley.aspIgnored
DislikedMike, thanks for the explanation.
@ Lefteye & Jeffokes
The attached chart might help a bit, but I believe the link Mike posted should clarify it a lot further.
You’ll notice that – apart from the major fib (in brown) – there’s a fib in purple drawn in a reverse order; then, its fib 127% ext. and 161.8% ext. levels almost align with the 61.8% ret. and 78.6% ret. levels of the major fib. respectively.
The confluence (overlap) is called Gartley.Ignored
DislikedTunji and Rumba thanks alot.
I use Fxpro mt4,i want to see how I can start trying out using FE but
(1)what I see there is Fibonacci Expansion and not extension,are they same?
(2)I know this is not a tutorial session but I want to learn how to use the tool,can any1 help with where I can get relevant info?And possibly get a custon Fib Extension to install on my platform?
Sorry for bothering you guys,as u can see I am a newbie still demo trading.
Thanks.Ignored
DislikedMike, thanks for the explanation.
@ Lefteye & Jeffokes
The attached chart might help a bit, but I believe the link Mike posted should clarify it a lot further.
You’ll notice that – apart from the major fib (in brown) – there’s a fib in purple drawn in a reverse order; then, its fib 127% ext. and 161.8% ext. levels almost align with the 61.8% ret. and 78.6% ret. levels of the major fib. respectively.
The confluence (overlap) is called Gartley.Ignored
DislikedOn the chart Tunji posted, after the bounce at the 78.6 from the up swing the market rally all the way to the 100(1.6467) of the down swing where he drew the fibs, I dont consider that a Gartley.Ignored