FX:GBPUSD   British Pound/U.S. Dollar
193 6 1
We seem to be in a corrective wave four and should look to buy dips below 1.60 mark.
dojitrader
2 years ago
It accomplishes the same goal of showing support, but, I'm curious ---
Unless it's just a "typo" so to speak, is there a particular reason you have inverted the fibs ?
(showing .618 - .50 instead of .382-.50)
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traderWgun dojitrader
2 years ago
No reason, that's how i draw my fibs.
up move= I draw from high to low.

Is there a reason one should draw them the other way? :)
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dojitrader
2 years ago
Only that I was taught that "retracements" are high to low or low to high depending on the swing.
The accepted "norm" would be to the 1st level = .382, then .50, then .618 whether it was form high to low or low to high.
To use your chart --- the market looks to retrace down from the high .382 % of the move up
instead of down to .618 of the move up from the low
the "Standard" way of doing this is the word I wanted.
The numbers usually come out pretty close to the same. It's just having only
one way for everyone to look at the same thing.
ps I like your work and I'm interested in your chart of NzdUsd.
I have a bit different take and might ask a few questions if that's ok with you ?
Thanks, Charles
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traderWgun dojitrader
2 years ago
Yes It can be confousing, but I like to draw my retrecment with the trend.
But your way is probably the "correct" way, I don't mind much enither way.

23.6 is inverted 76.4 =100
38.2+61.8=100
50+50=100
They add up, so the numbers are exactly the same.

You are welcome to ask any question re. my charts
and I will try my best to provide a satisfying answer.
Reply
ForceFollower traderWgun
2 years ago
You're both right, guys. It's just a matter of method you choose. For inverted Fibs, like the ones that traderWgun uses, read more Contance Brown (Fibonacci Analysis, Technical Analysis for the Trading Professional). For dojitrader's - read more Robert C. Miner (High Probability Trading Strategies), Carolyn Boroden, Joe DiNapoli. The majority of experts use dojitrader's method, but there's no one right way. :-)
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traderWgun
2 years ago
There starts to look like this count is wrong on bigger time frames,
but on smaller time frames it still possible and I remain short.

snapshot


The maket completed a 7 swing double zigzag and then did a zigzag
and retraced 90% of the down move which is usual in i a flat.

Now the market should retrace the flat, but will it make take out
the high or make a new low? Remain to been seen.

I think it will do a flat now (I have no evidence for this atm) if it wants
to reach the 4:th wave (1.60/59 level)

Good luck!

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