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.
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.

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!

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
traderWgun dojitrader
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
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.
ForceFollower traderWgun
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. :-)
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)
traderWgun dojitrader
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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