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Thread: Fibonacci Trading

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#511 (permalink)

11-06-2008, 07:35 AM

Gregory McLeod Gregory McLeod is offline

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Quote:

Originally Posted by Bertie Stemp

Hi again everyone,

Just interested to know what Fib levels everyone uses? I know the most popular are 0.382, 0.500, 0.618 , but i recently read something about "extension levels", these being 0.618, 1.000, 1.618, does anyone use these, im assuming you do, but why and are there any charts people can post to show me their implementation?

Thanks

Bertie

Here is a chart of the AUD/USD. Price moved down from a high of .9859 and retraced up to the 38.2% retracement area of .8329. When we draw our Fibonacci extension, the 161.8% extension target is at .6516. AUD/USD exceeds it by a few hundred pips.

See the attached chart:

Attached Images

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