1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

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

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Jun 16, 2011.

Thread Status:
Not open for further replies.
  1. Administrator

    Administrator Just Administrator :-)

    Joined:
    Sep 24, 2007
    Messages:
    5,526
    Likes Received:
    423
    Part III. Advanced talks on Fibonacci Retracement. [​IMG]
    [​IMG]

    Commander in Pips: We will talk only about a downward thrust, but all the same stuff could be used for any up thrust as well. The first task for you is - mark X, A points and levels here:

    [​IMG]

    Pipruit: Well, this is simple:​


    [​IMG]

    Commander in Pips: Very good, but why you take “X” point at 1.4250?

    Pipruit: Because in the rule of estimation of swing high in previous part you’ve said – “we will treat as swing high a candlestick/bar that has at least two lower highs on both sides of itself – from left and from right.”

    Commander in Pips: That’s correct. I like that you’ve remembered that, but why is this point does not suitable for you as X?

    [​IMG]

    Pipruit: Well, because we’ve said, that in down thrust “X” point should be the highest level and “A” will always be the lowest one and it has to stand later in time than X point – be to the right side from X on the chart.…

    Commander in Pips: You’re wrong…partially. You’ve said all correct about “A” point – it indeed will always be the lowest price in a down thrust. But you’re absolutely wrong about X-point. I never told that it should be the highest level – read carefully again:swing high a candlestick/bar that has at least two lower highs on both sides of itself – from left and from right

    Pipruit: You’re right, Commander, so which one is correct?​
     
    #1 Administrator, Jun 16, 2011
    Lasted edited by : Mar 2, 2016
Thread Status:
Not open for further replies.

Share This Page