If you don't, I suggest you look at my last idea (linked below). Press play. Watch the magic unfold. It bounced off my support line and hit my retracement level exactly (I gave the rough level for retracement in the description but the chart line was even closer).
Notice how it's hitting all the resistance/support lines, yet there's not a single trendline on the graph? Notice how on some of the other charts around here, when movement is claimed to be happening due to trendlines, it's actually happening at a level of previous support/resistance? Hmmm...
Anyway, I put a second lot of fib-based resistance/support lines on my chart a while back but thought I wouldn't need them. Now the price has broken below 10300, I think now is a good time to publish. I'll repeat again, I'm not using classical Fibonacci retracement which has well-known rules about where to place your low and high. I'm fitting levels at fib ratios to existing resistance/support lines and the success of this method so far for predicting future movement is surprisingly good.
Let's see what happens next. I'm not confident enough to make a definite prediction this time aside from the fact that you'll probably see the price bouncing off my lines. Obviously if the price breaks through the 7600 level, hang on to your hats!
Notice how it's hitting all the resistance/support lines, yet there's not a single trendline on the graph? Notice how on some of the other charts around here, when movement is claimed to be happening due to trendlines, it's actually happening at a level of previous support/resistance? Hmmm...
Anyway, I put a second lot of fib-based resistance/support lines on my chart a while back but thought I wouldn't need them. Now the price has broken below 10300, I think now is a good time to publish. I'll repeat again, I'm not using classical Fibonacci retracement which has well-known rules about where to place your low and high. I'm fitting levels at fib ratios to existing resistance/support lines and the success of this method so far for predicting future movement is surprisingly good.
Let's see what happens next. I'm not confident enough to make a definite prediction this time aside from the fact that you'll probably see the price bouncing off my lines. Obviously if the price breaks through the 7600 level, hang on to your hats!
Comment:
I'd really like to draw a line at 7550-7600 on this chart because I feel that will be very significant but let's see how this strategy with fib-based levels works out.
