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Attached are 3 fib expansions the way I do them. Very accurate this way.
In my opinion
it's the only way...
3 expansions in 2 gifs.
-Neal.
At 01:30 PM 4/18/2002 -0400, you wrote:
Neal
Hughes wrote:
Fibs work extremely well! But in the right context. They are
amazingly accurate sometimes.
Look at this accuracy from a trade this
morning on the 1 minute mini Nasdaq. Price retraced exactly to the 38.2%
level. A 61.8% stop (plus a tick) gave a comfortable 4 point stop.
My projections look really accurate,
but they are extended from the pivot low, and not the more common pivot
high of the rally. Which brings me to a question that I have. I'm not a
great user of Fib expansions, as I use other means to exit and have never
taken enough time to test them. There are several ways to use Fib
expansions that I have seen:
1. Drawn from points A-B and projecting
in the continuing direction
2. Drawn from the high ( for a buy) of
the corrective rally
and for a total reversal,
3. Drawn from A-B and projecting in the
reverse direction to the initial move.
I've seen all these methods used at one
time or another, and wonder what other traders' experiences might have
been.
Andrew
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