I must admit I have never been a fan of trendlines, triangles, gann, murray and fibonacci. Because in my humble experience if you draw enough lines then definitely there will be some that turn out to on the pip..
so today i pulled up a weekly eurusd chart and placed first fib that came in mind.. and fell of the chair (see attached).
in the end there might be some substance to all this and maybe i am just not applying it right.. or popular saying is that you have to watch the Price Action around the important Fib levels.. probably I don't know what to watch out for. Or I am not sure I know. Or something like that.
In My chart, is this a good time to draw the next fib and consider this cycle complete?
Maybe I should start believing.. or maybe I just got lucky and the fibs are drawn wrong anyway.
(I must admit I have not read though Bo's thread as I just finished Skunny's today and my eyes hurt.)
If you read Skuny's (now probably dead) thread, you will know that he doesn't use anything beyond the 161.8% - and even that rarely,he just targets the 138.2%. So your fib is a little extreme.
We never did find out what constitutes a cycle, since sometimes he showed them hitting both the +138.2% and the -138.2% of the same Fib. However, personally I would 'walk that fib forward in time'.
Here is my equivalent of your Fib, but hitting the 161.8% to the pip, notice that your fib was the 100 to 61.8% retracement which 'validated my fib as tradeable'.
By the way, the new fib is just my thought- not a reccomendation, but it does look plausible.
