Hello Bobokus and the rest of you Fibonatics. This is my first post here. What i want to know is at what point does a Fibo chart need to be redrawn. The chart below is the Gbp/Jpy daily . To determine the price action from point C to E do i use the fib levels drawn from A up to B or would i need to draw a new set of levels from B down to C. Also what is the strongest fib level and what is the best time frame to use it.
"Patience is a virtue"