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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Matthew L. Jones who wrote (6210)12/27/1999 6:23:00 PM
From: TraderAlan  Read Replies (1) of 18137
 
Matt,

<How close would you typically look for a Fib retracement to get to the actual number?>

It's always best to look for the obvious price magnet/spring in the vicinity of a retracement, rather than the retracement itself. There is often a moving average, support/resistance line, band or other "object" that price needs to print to complete the reversal. Often price stretches right across a key fib to that number and V-reverses right back through it. Hence the magnet/spring analogy.

Alan
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