DislikedHi Red, sorry I've been watching football today and just saw your reply. OK, I see what you're talking about, and to be honest, I've never done that analysis. I will think about how I would conduct that analysis and also check with my trading team members to see what they think. As for my 4H and 1H analysis, here is a quick summary of my charts re-drawn on naked charts:
Attachment
Attachment
I think based on these two charts, you could make a case for going long to targets above, and use your red line as a game...Ignored
you are more than welcome to contribute
so how do you use your fibs GEFX? and the trend lines.
at nubcake- true that everything has two sides especially in a bear market sell orders will line up, however, fib Retracements are meant to enter while extensions to look for possible targets to exit. in other words you should already be in the trade, and looking at your, chart geometry, assessing whether continuation is probable. For instance, limit orders might very well be placed at that extension level to which you have 3 choices.
1- liquidate position and enter shorts
2 liquidate positions and await for set ups or for your analysis to see what to do next
3- hold to see how far the retrace goes and if in effect you are at risk of profit depletion liquidate, if the market continues to take this up the n ride it.
AVT INVENIAM VIAM AVT FACIAM