DislikedIt is important to apply your fibs the correct way Nav.
The fib retracement is a tool which measures the move you choose ,say a swing high to a swing low, and you are monitoring the prices retrace of that move. It also can give projected targets outside the move to aim for.
So if the move is down 0 would be at the bottom and if price retraced 100% of that move , that would be at the top and visa versa on an up move.
There is a slightly different way to apply fibs which im trying to learn which has you always applying fibs from top to bottom.
outlined on this thread
http://www.forexfactory.com/showthread.php?t=50767
Watch the videos on the first post when you have time they are very good.Ignored
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