Lets get our pencils out. Lets do some drawing, lets muck up a chart and lets see what we can learn from it. What is a fib arc? How do I draw them? Why do I draw them?
How should you draw your chart? ... Do you have any ideas? ... What if you don't have any ideas, and you don't know what to do?
...Calm down... pull your pencils out. Its time to start learning, and teaching...ourselves!
I finally found this video again, would love to see what you're up to with your charting these days! 👍
UnknownUnicorn1846045
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Awesome video, thank you for sharing! I hope for more in the future!
blessmywork
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@vasiliskryst, Absolutely! Thank you for commenting, I appreciate it. I will make sure you get more in the future!
regularroutine
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Great video love the format.
tanitaeva
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Awesome video, thank you!
Question, looking at the current level is it possible for it to fall through the 0.5 level and land on 0.32 level?
blessmywork
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@tanitaeva, Certainly its always possible. The market gets to make the rules. Its a bit of an annoying point - but the market very much makes the rules. I would say its important to find previous cycles Resistance, and support -- chart them -- and you can predict with relatively strong accuracy that longer term supports won't be broken as easily if there has been a trading channel above it.
Thats generally a good rule to follow. So places where you find a ton of support lines all built together are probably pretty safe from penetration. With that in mind when you look at fib arc's try to view those support regions as a powerful force pushing the price action away from them. ...No force cannot be overcome - but it takes pressure and time to break through right? ... That would be my suggestion when choosing which arc's to eliminate.
Furthermore Arc's which backtest so support/resistance on the left side, typically will show us hidden areas of resistance/support on the right side (projected side) as well. That's always a key determinant.