Psych Levels, Pivots, and Trendlines - Resurrected
Nice one - this morning I've changed to EURJPY - I'll post a chart when I get a moment - 2 good trades so far....http://www.forexfactory.com/images/icons/icon7.gif
.. Goodluck! Gonna look forward to you're trade analysis.
Pretty straightforward trades....Buy at #1 and exit at #2....wait for the retrace, I missed the first one, buy at #3 and exit on trailing stop half way up the wide green candle at #4.
As a lower high, #4 was also a sell, but I'm not yet up to speed on this cross
.. Nice trades! Straightforward and effective. 
EV, thanks again for you informative reply
My pleasure, mate.
Hi EV! Looks like you've been pretty busy lately. What do you think about this chart? Could there be a continuation of the uptrend? I don't know what to make of that big spinning top.
Didn't want you thinking I was ignoring you! 
Sorry I couldn't reply right away, mate. Had one or two minor domestic problems to sort out. Never a dull moment here, but I wish there were!!
.. It's ok pal! We all have other responsibilities that we need to take care of. Right I took a couple of minutes to check out the exact differences.
Using the fib Retracemets tool, the continuation levels are Extensions of the range used for the retracement. So fibs drawn of a say 100 pip range will have their Extensions placed up / down the appropriate % from the high / low of that range - so 1.38 is + / - 38 pips from the high / low and the 1.618 will be 62 pips above / below etc. These are called Fibonacci Extensions, being direct Extensions of the range of the retracement fibs.
The Fib Expansion tool, when drawn over the same 100 pip range is set to calculate the same ratios based on that same range BUT started from the Actual Retracement level, which is defaulted to a 50% retrace. This can be adjusted and should be for the tool to work accurately. These are sometimes called Alternate Price Projections.
Using both methodologies AND measuring several different retracements can give a "cluster" of price targets - Carolyn Boroden has expanded on Robert Miner's excellent work on this subject and is justifyably known as the "Fibo Queen"
IMO using either of the two tools TOGETHER with the levels that we already have is a better, less subjective methodology - but I'd need several large Absolutes before I'd tell her that!!
Right I took a couple of minutes to check out the exact differences.
Using the fib Retracemets tool, the continuation levels are Extensions of the range used for the retracement. So fibs drawn of a say 100 pip range will have their Extensions placed up / down the appropriate % from the high / low of that range - so 1.38 is + / - 38 pips from the high / low and the 1.618 will be 62 pips above / below etc. These are called Fibonacci Extensions, being direct Extensions of the range of the retracement fibs.
The Fib Expansion tool, when drawn over the same 100 pip range is set to calculate the same ratios based on that same range BUT started from the Actual Retracement level, which is defaulted to a 50% retrace. This can be adjusted and should be for the tool to work accurately. These are sometimes called Alternate Price Projections.
Using both methodologies AND measuring several different retracements can give a "cluster" of price targets - Carolyn Boroden has expanded on Robert Miner's excellent work on this subject and is justifyably known as the "Fibo Queen"
IMO using either of the two tools TOGETHER with the levels that we already have is a better, less subjective methodology - but I'd need several large Absolutes before I'd tell her that!!
