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Fibonacci Retracements >

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trader53 Member Level  Monday, 07/02/12 04:36:28 AM
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Fibonacci Retracements >

> The most popular Fibonacci Retracements
are 61.8% and 38.2%.


> Retracements can be applied after a decline
to forecast the length of a counter trend bounce.
These retracements can be combined
with other indicators and price patterns
to create an overall strategy.

> Retracements are based on the prior move.
A bounce is expected to retrace a portion of the prior decline.


> After a decline,
once a bounce begins,
chartists can identify specific Fibonacci retracement levels for monitoring.

> Common Retracements
The Fibonacci Retracements

Four common retracements:

> 61.8%
> 50%
> 38.2%
> 23.6%


The 50% retracement is not based on a Fibonacci number.
Instead, this number stems from Dow Theory's assertion that the Averages often retrace half their prior move.

> The 61.8% retracement
can be referred to as the golden retracement.

> The 38.2% -to- 50% retracement range
would be considered moderate.

> A 23.6% retracement
is relatively shallow.





http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:fibonacci_retracemen

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