If price travels from a low to a high and starts back down, most traders will be looking for a point where retracement "might" end.
Thats is why a fib retracement tool is called a "fib retracement tool". You can use it to measure a move, but if and I repeat if someone is looking at where a market may retrace then they use the tool in the right way - 0.00% on high and 100% on low. Of course vice versa for an up retracement.
Anyone can use it how they may like, just that they are not being clear to others who use it as intended. Is there anything wrong with pointing that out to others who might not know any better.
I am done, finished, finito.
OK, I did not know that is the way he likes. But not to beat a dead horse - there is a correct way and then there are all the others ways to do it. If he were to look at it as 61.8% of up move, then he wouldn't be looking for how much it has retraced and that after all is what you are looking at when price is going down. I think I've made my point so I won't bore you guys further.
Who exactly are you talking about here? I have not read all the posts, and I am missing something here.
As far as my Fibo count, I stated before the week ever started that 1.9508 was a 61.8% Fibo Level, and the move this morning down to 1.9480 completed that Fibo Retracement.
Here is another Fibo lesson for you.
The High this week was 1.9695 (on my charts, yours could be 1.9700 or more, who knows), and the Low was 1.9480.
The 61.8% Retracement would be 1.9613 area. This was completed just in the past two hours.
I have no problem with Fibo Marks or Setups, and usually they are different than the ones you snap on your purchased Charts.
You can read back through my post to see that I have projected my Fibo's prior to the completion.
I even broke down a 1 minute Fibo on the thread at the Frankfurt open, and it worked perfectly.
That my friend is trusting in the Fibo Setup and Levels, but they are set up to my own personal perimeters, and not from other traders charts.
