JE...Good for you! The only way to learn this stuff is to try it. Not sure I'm seeing the same numbers you are talking about on that chart, but if you did 50% and got the 17.30 then would think you're doing something right.:)
There are a variety of ways to do fibs. You can do intraday, short-term, long-term, etc. The idea is to find a low of a move up and then find the high of the move and put those numbers in the calculator. I got the fib course from Neil who is the FibMaster and he told me when doing fibs, go back as far as you need to go to find a low then keep using the highest high of a run with that low. I do a lot of intraday fibs for daytrading. With that, you use the low of the day before, then you use the first high before the stock retraces in the day. If the stock makes a new high and starts to retrace, you use the new high with the low of the day before. Now, that's fibbing as I know it - but, I am surely no expert. Really think you should continue your work with fibs for they are so helpful. When determining a target you are most successful when your target is in harmony with a fib line, moving average, trendline, etc. Those are usually the numbers that act as magnets to a movement.
Lexi |
