DislikedHey guys,
Quick question: here is a euro chart where the pink fib has "hinted" that long is the way to go. Retracement subsequently gives the idea that short is the play, and the blue fib may be drawn. Now does this mean that the pink fib is obsolete since both sides have activated and neither has reached extension? And what about the blue fib? Is the play for the blue fib to be short? Many of my "bigger" fibs have been activing like this lately. Would these fibs even be considered valid? Any comments would be appreciated.Ignored
ok here's my crack at this. First chart shows long swings, but not a close hit.
2nd chart shows a small fib in blue, when the 138 is hit there isn't another valid fib to call on. I moved the fib to the first real s/r (yellow fib) and that provides the target which narrowly overshoots. I didn't have time to work all the small fibs from the low to the hi so I can't be certain about the last 2 fibs shown, but it looks ok. So the upshot is you wouldn't have been looking to buy on the break of the first hi. Hope this helps.