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Chapter 10, Part III. Advanced talks on Fibonacci Retracement. Page 3

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 15, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Commander in Pips: Well they could, but this is very rare case. They should be with relatively tight difference to each other. But this will depend on time frame – what will be tight in terms of monthly time frame – could be very wide in terms on 60-min time frame. So here is example of Confluence support now:

    Chart #1 EUR/USD daily – Confluence support has been broken by price action
    [​IMG]

    Pipruit: Cool. But Commander, here I see at least two more potential points that could be used as X… Is it normal? How many X points could be at all?
    Commander in Pips: You’re right. But if we will draw all levels from our 4 X points, this will be very messy picture. I will draw them with applying Joe DiNapoli software, that allows clearly see all X point and levels:

    Chart #2 0.382 and 0.618 Fibonacci levels by DiNapoli software markings (DiNapoli Levels)
    [​IMG]


    [​IMG]

    Pipruit: Commander – you’ve scared me. Very-very much!​

    Commander in Pips: And this is just a half of the thrust! But it does not mean that you always have to draw all levels.

    Pipruit: So, how we should apply it then?​

    Commander in Pips: You don’t need all the levels at once. You should take into consideration only those that could impact your potential trade. But you have to start from monthly or even quarterly chart, just to understand where you are in a big picture and could any high time frame Fibonacci levels influence on your potential position.

    Pipruit: I see.​
     
    #1 Sive Morten, Dec 15, 2013
    Lasted edited by : Mar 2, 2016
    Hamza Samiullah and fran alvarez like this.
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