Hi all,
Happy weekend.
A quick one --
I've been trading (a small account) on and off for a little while, with relatively flat success, and I have recently stumbled into the world of fibonacci retracement. I have used it with fair success this week (GBP/USD), but now the swing low that I had pinned the end of the bar to has been broken, I wondered what the protocol was to give up relying on that existing set up and draw a new retracement line.
Is it a case of waiting for a new significant low, is it a moveable feast, etc?
Many thanks for any responses, in advance.
Happy weekend.
A quick one --
I've been trading (a small account) on and off for a little while, with relatively flat success, and I have recently stumbled into the world of fibonacci retracement. I have used it with fair success this week (GBP/USD), but now the swing low that I had pinned the end of the bar to has been broken, I wondered what the protocol was to give up relying on that existing set up and draw a new retracement line.
Is it a case of waiting for a new significant low, is it a moveable feast, etc?
Many thanks for any responses, in advance.