your charts always have the "WOW" effect on me. only one problem. i don't know how to read them :)
any suggestions?
links?
books?
thanks
TheTrex
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@Gluteus, Do you understand how you read normal fibs and how they work?
Gluteus
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@TheTrex,
yes
identify the low and the high of the move and draw the fibb retracement/extension.
TheTrex
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@Gluteus, Yes so basically the angles work the same, price action should bounce in those fib angles and in general the 61.8% and 38.2% are important because of golden ratio. When 38.2% doesn't hold it should head to 29.5% or 23.6%. The lowest fib and safest entry would be 11.4% and is a Gartner hype-cycle.
Gluteus
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@TheTrex, OK, got it.
What about the circles? Price just broke out of 100% circle. How should I interpret that?
TheTrex
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@Gluteus, The squares around the circles normally show a significant change in trend, you could interpret it as "leaving the current trend bubble.
Gluteus
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@TheTrex, Interesting..
Waiting to see what happens when it crosses vertical "1".
Thanks for the lesson!
any suggestions?
links?
books?
thanks