Hello,
Another member has drawn my attention to a video clip from Forex Bootcamp: http://uk.youtube.com/watch?v=77Xytfw4N2o
I think this "professional" is using his fibs wrong but can someone please tell me if I am right or is it another way I am not aware of?
Look at 2:50 into the video. He draws the fibs from the LOW to the HIGH but then says the 61 is at the high. How is that possible? If you fib from low to high to measure a retracement of the swing upwards then surely the 38 is at the top?
Then he uses the fibs really weirdly - I've never seen anyone using a fib level to sell short when a market is trending up!
Please - can someone explain?!
Another member has drawn my attention to a video clip from Forex Bootcamp: http://uk.youtube.com/watch?v=77Xytfw4N2o
I think this "professional" is using his fibs wrong but can someone please tell me if I am right or is it another way I am not aware of?
Look at 2:50 into the video. He draws the fibs from the LOW to the HIGH but then says the 61 is at the high. How is that possible? If you fib from low to high to measure a retracement of the swing upwards then surely the 38 is at the top?
Then he uses the fibs really weirdly - I've never seen anyone using a fib level to sell short when a market is trending up!
Please - can someone explain?!