With all due respect, you might just read the post I just put up and you will see that actually, my .4495 & .3857 are more precise and better to use that .51 and .37.
Your are not correct IMHO for one reason only: your historical data points, of which support consists, do not actually exist in sufficiency to warrant them being bona fide.
Use .4495 yesterday & you made money (8.8% EOD)
:o)
Use .51 and .37, and not so much
Today, use .37 and you might get tagged because its a lot closer to .3857 than .51 was to .4495, but its still the same mistake.
The traders are using Fibs based on an ABCD of:
AB - .182 to .54
BC - .54 to .4135
CD - .4135 to .717
I generally like what you have to say. But you have to admit that, minus the necessary datapoints, .37 and .51 are threadbare in a big way.
Use them if you like but not me. Too few data points to act as actual support.
Good luck though. Hope you make money using the wrong support lines, LOL
Imperial Whazoo
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