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Chapter 10, Part IV. Sometimes Mr. Fibonacci could fail...really. Page 2

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 16, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Commander in Pips: Well, let’s see, what happens then:

    Chart #4 EUR/USD Hourly
    [​IMG]

    Pipruit: See, looks like I was right!​

    Commander in Pips: All traders think in this way first… But then – ooops! So, would you like to sell from 0.5 now?


    [​IMG]


    Pipruit: Probably yes. Besides, as you’ve said – down move has already started…​

    Commander in Pips: Hm, it started from 0.382 also, but look what happened then..

    Pipruit: Well, upside move is still gradual, so I think that I would like to sell from 0.5 also.​

    Commander in Pips: Ok, as you wish, your highness. Let’s see…:

    [​IMG]

    Pipruit: Oh, no. 0.5 has been broken also. But 0.618 as you’ve once said is a major level, so as 0.382. It should hold I believe it.​

    Commander in Pips: Probably yes…

    [​IMG]

    …but no.


    [​IMG]


    Commander in Pips: Ok, I will not play mind games with you anymore. Here you can see, that although the market has respected almost each level – nevertheless, finally all of them have been erased by market price action.

    Pipruit: Also, and what conclusions can we make from all these examples – not to use Fibonacci retracement, or what?​
     
    #1 Sive Morten, Dec 16, 2013
    Lasted edited by : Mar 4, 2016
    Hamza Samiullah and fran alvarez like this.
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