Forex Technical Review Is being created to Post forex charts of all pairs and have open discussion by Forex Chartist to Find entry, exits, long term trends as well as short term trends to help traders to see the blind spots, and look at Charts from different perspectives before entering or exiting a trade for maximum profits in the Forex Market...
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Three simple equations to establish logical profit objectives, where A, B and C (Figures 1a and 1b) are specific points in a market move. The first objective is the contracted objective point (COP). It utilizes the Fibonacci ratio 0.618:
COP = 0.618(B-A)+C
The second objective is the objective point (OP), which uses the Fibonacci ratio 1.0:
OP = b-A+C
The third objective is the expanded objective point (XOP), which uses the Fibonacci ratio 1.618.
XOP = 1.618(B-A)+C
This simple set of equations has allow me to calculate the major turning points in a variety of markets – days, weeks, sometimes months ahead.
In Figure 1A, point A marks the beginning of a down move, B marks the lowest low of that move and C marks the highest high following B.
In Figure 1B, point A marks the beginning of an up move, B marks the highest high of that move and C marks the lowest low following point B.
Once all three point have been located on a bar cart, their respective values can be entered into the equations, and all three profit objective can be quickly determined...
(this program can help you focus.)