Quote:
Originally Posted by tradermoe
here is fibonacci time levels from metatrader. as you can see instead of having percentages they have the numbers
moe
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Quote:
Originally Posted by tradermoe
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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When Price makes higher swing highs and higher swing lows, we are in an uptrend.
A change of trend happens when we make lower swing lows and lower swing highs as indicated by the circled area.
Your fibs would be drawn from the swing high of 2.1128 down to low in the 1.9383 area.
Until we see closes above the 1.9930 area with higher swing highs and higher swing lows, we would look to trading the short side of cable.
See the attached chart:
