THe more I work with the fibs and stare at the chart the brighter the lights get. I was just following the day to day action with fibs spanning each major move between days since last week when the up move started and suddenly I saw myself "discovering" the up and down move fibs. I would have a fib pulled across an up move and then see a retracement that looked mostly like a down move the next day and I'd want to compare the levels so I'd pull another fib, then when things turned up I'd move the up fib....and I realized that's what you've been teaching lately. Of course the retracement fib as well would be the 3rd one I would use to execute the plan, which is the words you have always used when describing the use of swing fib.
Either I've just re-invented the wheel, or your teachings are sinking in even more. I was doing this to try to confirm how to come to a conclusion on daily trade bias, I am starting to see a short bias forming after today's results based on where the candles are (beyond 61.8% of recent up moves I looked at, and also sitting on the short side of the recent down move activity).
What I can't decide right now is....does this overall short fib biasing cause me to switch to a short daily bias yet, or just take scalps in both directions and wait for something else to re-confirm long or change to short daily bias? And Skunny, I'll be happy to try and translate all of this after a glass of wine later if you require.
Either I've just re-invented the wheel, or your teachings are sinking in even more. I was doing this to try to confirm how to come to a conclusion on daily trade bias, I am starting to see a short bias forming after today's results based on where the candles are (beyond 61.8% of recent up moves I looked at, and also sitting on the short side of the recent down move activity).
What I can't decide right now is....does this overall short fib biasing cause me to switch to a short daily bias yet, or just take scalps in both directions and wait for something else to re-confirm long or change to short daily bias? And Skunny, I'll be happy to try and translate all of this after a glass of wine later if you require.
"Support and Resistance either holds or it doesn't."
-Anonymous hillbilly