InvestorsHub Logo
Followers 38
Posts 12059
Boards Moderated 2
Alias Born 03/28/2004

Re: Ataglance2 post# 46

Saturday, 01/19/2008 1:41:03 PM

Saturday, January 19, 2008 1:41:03 PM

Post# of 102
Here is an example:

http://investorshub.advfn.com/boards/read_msg.asp?message_id=26053365
since I knew from higher time frames the price was in a downtrend,I started my fib at the 159.99 mark ,and brought my end point to the begging of the down leg at 166.57...That gave me extension numbers below the 159.price...at that point price did as it should and retraced..when the price retraces,you never can tell how far it will go ,so its best not to trade until it u-turns,but in this case it u-turned at the .38....and if you read what I wanted you to ,in the earlier post ,you will know that the .38 is like a car traveling on the freeway and will usually retrace to the 1.618 retracement level or lower..now that chart was posted on the 16th,and we know price went even lower than the 1.618..


Don



Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.