Dislikedfibbing the double bottom on 4 hour???? hmmmmmmmmmmmm
theory being a double bottom indicates a significant support level......
so far has been releiable..... but....not enough testing yet...
anyone care to help me test it?
come to think of it this was a triple bottom...hmmmmmmmmmm
notice a buy trade on this fib would have failed (so far at least)
anyone have thoughts on the next fib placement? on 5 minutes 1 minute? curious as I am demoing a million theories stillIgnored
Since you asked......a couple thoughts:
1) I noticed (I think I did at least) that you added the "so far at least" after your original post......my thoughts as well.
2) Just a thought.....after this thing stopped short of the topside extension, reversed, and fell like a lead balloon.....how much cajones would it take to double-up (if one was so inclined) after it broke bad on the bottom side? A quick ride down to 138 (or 162) almost seemed like a "sure" thing after "0" was penetrated.....single?...double-up?.....either would have helped recover some of the loss felt if one were to jump ship when things started to look "iffy". Skunny himself has stated there is no shame in getting off the ride if the retrace gets too scary.
3) Take a gander at what happened if you had only fibbed the 2nd bar of the 2 you choose....
Just a few ideas....FWIW.