Here's a working level chart form example though long - AUS/USD - , so dip buying as opposed to rally fading.
1)
Plain vanilla chart , no grid, dates, numbers - hence colour change, SR level in.
2)
Dates, numbers back, SR level is parity level, common sense TL (4hr) on.
3)
Fib confluence - drawn in from 4hr swing point prior to instigation of current up leg. 61.8 ties in well.
Fib from daily from 27.10.2010 swing low gives 38 retracement at .9975, okay zone.
Okay so far, could utilise lower tfs etc nearer the time for entry and confirm.
All the best
Limey
1)
Plain vanilla chart , no grid, dates, numbers - hence colour change, SR level in.
2)
Dates, numbers back, SR level is parity level, common sense TL (4hr) on.
3)
Fib confluence - drawn in from 4hr swing point prior to instigation of current up leg. 61.8 ties in well.
Fib from daily from 27.10.2010 swing low gives 38 retracement at .9975, okay zone.
Okay so far, could utilise lower tfs etc nearer the time for entry and confirm.
All the best
Limey