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05/02/2007 Archived Entry: "Fibonacci Expansions."
Hello Hussam, see below...
Hussam wrote:
> Hi Neal,
>
> I have a question. If we move up from A to B, then
> fall down to C, where C is lower than A, but I want to
> find resistance levels rather than support.
> Would it be correct to:
>
> 1) calculate a retracement by measuring from B to C ??
Yes. >
> 2) calculate expansion from A to B to C then adding to
> C (upwards)?? I hope I made my question clear. Yes this is good too.
> The examples in video assumed a down or up trend, but
> this is a case (my question) where we could be in an
> up trend but the correction was a bit deep.
It is still appropriate to make the Fibonacci study that way. However, the trade ma be less appropriate, because the deep retracement can indicate a stronger potential of trend change. > Thanks a lot as usual, and thanks for your tip on
> software. I am currently looking at e-signal and
> another called Fibonacci Trader(a bit cheaper for a
> novice). All the best. Hussam. Best wishes,
-Neal.
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