First post
Fibonacci retrace on 15 Minute chart of 2nd Oct. '09.
Some traders think that price retraces more or less 50% prior to continuing. It's also believed that if retrenchment surpasses 61.8percent, the price may opt to remain in this opposite direction.
This chart shows:
50% Nominal at: 1.45637
61.8% retrace at: 1.45438
(These levels might not be precise but near to)
Fibonacci retrace on hourly chart of 2nd Oct. '09.
Some traders believe that price retraces more or less 50% before continuing. It's also considered that if retrenchment surpasses 61.8%, price may decide to remain in this opposite direction.
These amounts may not be precise but close to.
Click the chart to get better view.
This is a daily chart. Each bar reflects a day's trading. Bar is of 2nd October '09.
Still about 140 pips out of current pa to purple service trend line below.
What if it leaves the purple station and adopts red one? And then breaks red station into the upward at 1.4600 - in which red and purple resistance (top) trend lines meet?