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Where do you draw the line?
One of the most common questions regrading Fibs is - where do you draw the line. Here is a good example of the confusion that often reigns. Chart one of EURJPY shows the Fibs on the large move over the past week. As you can see we haven't even come close to retrace zones yet.
Chart 2 is basically off the last 24 hour action and there you had some nice failure signals near the 161.00 level. So Fibs like beauty are in the eye of the beholder. Feel free to chime in with your take on the issue.
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