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Thread: Fibonacci Trading

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#100 (permalink)

02-18-2008, 08:41 AM

tradermoe

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Join Date: Jan 2008

Posts: 29

tradermoe is an unknown quantity at this point

Gbp/usd

Quote:

Originally Posted by Gregory McLeod

The Daily trend is down so a further decline would be in order.

You said the Daily trend is down so we would want to sell. I drew fibonnacci retracements on the daily chart and it seems to show a struggle around the 38.2% level, which would seem to say it is a retracement and not a down trend. It also looks like it may be starting to move sideways until it can figure out what to do. It would seem to me that you are talking short term and if so, wouldn't it make it just a retracement?

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