Fibonacci GONE WILD

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In my opinion, it's time to short this puppy silly. Price met resistance around the 50% fib line. I'm targeting the bottom 50% fib line.

I forgot about this chart with the pitchfork. It is the only thing I see that is keeping this pair from dropping further.

Price has broken through a lot of resistance.

I adjusted the lower fibs on this chart.

A case for further bearishness perhaps?

Will it continue to hold?

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Hi Southermind,
I must say thanks for this very lesson.I have been looking for a way of understanding this fibo and you have giving a clue.
A Q for u:I might going to divide the chart into two to get the 100%-0% up and down or just simply discretion.
Thanks Southermind.http://forexfactory.com/images/icons/icon14.gif Looking forward making some dollars with it http://forexfactory.com/images/icons/dollar.gif

The pitchfork and bottom trendline are the only things which remain the same as on the above 2HR chart.

Switching to different setups on the short/medium-term charts is necessary due to a higher degree of response in price as it moves to higher/lower levels (I find myself guilty at times of focusing too long on previous short/medium-term charts, although they can still be of use.)

I asked this question in regards to the first chart below as it appeared at that time. Well, you can see the result.

The power of pitchforks and fibs.....

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Something to ponder over...

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DANGER WILL ROBINSON!!!

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