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Thread: Fibonacci Trading

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#11 (permalink)

11-14-2007, 10:01 AM

Jamie Saettele Jamie Saettele is offline

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Quote:

Originally Posted by Jamie Saettele

The most important ratio in Fibo analysis is 61.8 and 161.8. Everything else is a derivative of those numbers. When you get a confluence of a 61.8 retrace and a 161.8 extension - probability is high that the level in question will serve as either resistance or support. In this case, EURJPY resistance is estimated at 163.92/164.21.

Following up on my last post....the EURJPY just reversed off of the 61.8. whether or not this top holds is another question but this does show just how well fibonacci works..the eurjpy dropped 90 pips in 29 minutes

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