Fib Levels
Hey traders,
I am working on trading a lot right now as I have some extra free time. Work is slow, so trying to sharpen my skills. I am wondering about Fib Levels. I know the fib retracement tool above is really only for 'retracements' and there is no real way to predict these levels until the move is completed (ie no way to verify them on the way down). But if you look at this chart, there are some level bounces (arrows) and some level tests (ellipses) that seem to be at the same level on the way down as they are on the way back up. My question is how these levels relate to each other while the move is manifesting itself. I tried to replicate it with Fib expansion, and that does not seem to work. I also can't make much sense of the percentages at each zone on the way down.
Do you think there is a way to find the next level before the move completes? Or do these levels just validate the fib tool a little bit more when looking at retracements after a move has completed?
Let me know what you think. Any supporting text is appreciated!
I am working on trading a lot right now as I have some extra free time. Work is slow, so trying to sharpen my skills. I am wondering about Fib Levels. I know the fib retracement tool above is really only for 'retracements' and there is no real way to predict these levels until the move is completed (ie no way to verify them on the way down). But if you look at this chart, there are some level bounces (arrows) and some level tests (ellipses) that seem to be at the same level on the way down as they are on the way back up. My question is how these levels relate to each other while the move is manifesting itself. I tried to replicate it with Fib expansion, and that does not seem to work. I also can't make much sense of the percentages at each zone on the way down.
Do you think there is a way to find the next level before the move completes? Or do these levels just validate the fib tool a little bit more when looking at retracements after a move has completed?
Let me know what you think. Any supporting text is appreciated!
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