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Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Jun 10, 2011.
Please use this thread for questions, answers, and comments on this lesson.
Holding for 3 periods
You say that if market has broken a level and holds there for 3 periods, then the level is erased, but which timeframe should be used for the 3 periods ... 3 days, 12 hours or 3 hours?
the same periods, that you use to build/estimate these levels.
u said in chart 1 the 0.382 is ignored but i saw it a support for many bars near the centre of the chart.
did i miss something?
Since market has broken through that level previously, it could not be treated as support anymore. But sometimes happens so that market could respect it later.
Unfortunately we can't predict it ahead of time, and this is relatively rare. That's why the best approach is to ignore that level, if it has been broken significantly already, i.e. market has reached next level.
Hi Sive (Or someone else if you can answer the question)
On mt4 its seams like the number are reverse.
The lines are place in the right spot but the number does not correspond.
Is this normal?
Thanks in advance.
what numbers are you particularly speaking about?
Let's me guess, try to draw Fib levels vice versa - if you start to draw from the top, try to start from the bottom. This may be help.
If not, give me more clarification what is wrong with your levels, ok?
Sir Phyguy means this ... if we want top is Mt4 .. and Draw buttom 2 up
161.8 go below
I should ask, how long will the Fib retracement levels hold until another Fib level has to be calculated. Is it after a break through the top Fib level, such as point A or the o level. This is for the upward thrust. Not sure of bottom level thrust. What is the break through level of bottom thrust before new calculation of fib level.
Fib levels should be recalculated when extreme was renewed by price. So, if you calculate support levels from upward swing - recalculate when price creates new high, resistance levels- new lows.