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06/04/2007 Archived Entry: "Fibonacci chart question."
David wrote:
> Hi Mr Hughes,
> Just a quick question. I am a fib video seminar purchaser by the way.
> I noticed on the USD/CHF update for 3/31, that you have on the daily chart, L-levels going from a swing low to high, and also from a swing high to a low. Just wanted to confirm this was for your own reference and that you can't trade these as sk levels should an L3 and an L6 line up from different swing points. In other words, it looks like there are L-levels from the points of the Dec low to the Feb high and from the Feb high to the Mar low. Thanks. David ----------- David, Yes I do often have both support and resistance levels on a chart. These are for different time-frames. For example I may have a long term up-trend, and a short-term down-trend. How the chat behaves at each of those two competing series of levels can give me some guidance as to which trend is dominating, and which trend may be ending. For combining retracements and expansions for SK levels, you need both the retracement and expansion to be support, or both to be resistance. Do not combine support and resistance for SK levels, they must match. -Neal.
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