DislikedHow can I set up my fibb correctly??
anylink for me to learn..I am new to fib analysis!!
thx
sonicIgnored
From the Daily view
1. The Uptrend.(Nov05-Nov07).price is still hovering around the 1.9589 (Long level) which indicates the longer term uptrend is still intact from the downtrending corrective move weve been seeing all this year, and will most likely remain intact until we see the 1.9100 level broken.
2. The Downtrend.(Nov07-Jan08).since the low made weve been in a very undecided market from all the turmoil from the fundamental issues with the US and the UK as well. If you want to see what I mean, open a Monthly chart and look at the last 6 candles and that describes the year weve experience so far..very volatile in the sense no true direction can be established since this last corrective push down.
3. The Retracement.(Jan08-Mar08)The retracement into this downtrending of 2008 where price initially attempted to break from the downslide we can see that once the high of 2.0396 was made we havnt been able to rally back from the fall from that point. We are however beginning to show signs of a bottom since the levels of 1.9340 to 1.9400 have held on several attempts to push lower. Which to me is signaling a strong value point or bargain price for Cable. A break of the Retracement long level (1.9991)and Downtrends Short level (2.0033)would be significant at this time and take some of the downward pressure off Cable. A break of the yearly low of 1.9336 would be just as significant in the sense that Cable has lost that level as a bargian price and the bottom can fall out then we are looking for the 1.9100/1.8900 levels.
Ill post the 1 hour template in the next post
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