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Strategies & Market Trends : Technical Analysis With Charts

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From: lexi2004	5/11/2007 5:21:42 PM
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I'm usually pretty good at figuring this kind of thing out but this one has me stumped. Would certainly appreciate help from anyone. This is what I posted on another BB but thought I should put it here too since you are into technical analysis with charts. To: Chris Considine who wrote (158403) 5/11/2007 5:17:19 PM From: lexi2004 of 158411 Chris, I've done this mathematical problem for over an hour every way I could think of doing it and it is just not coming out right. Trying to get the extension of the retracement on your BDGR. Maybe you or someone else can tell me what I'm doing wrong. Took the low of 11/30/05 which is .165, but rounded it to .17. Then took the move up from that low to 5/11/06 and it was 2.32. Now, what I'm trying to figure out is an entry since it has dropped below that low of .17, so I would need an extension of a retracement of more than 100%. The book says to take the range of that first move: 2.32 - .17 = 2.15. That is the range of the move. Next you X the range by two ratios...1.272 and 1.618. 2.15 x 1.272 = 2.73 2.15 x 1.618 = 3.48 Then you are to subtract each number from that high of 2.32. Well good luck!! LOL Each number is bigger than that.:) If anyone knows what I'm doing wrong please tell me. I've used my fib tool which is usually excellent but since this is in such a downtrend, I can't see far enough on the chart to see where the 1.618 fib is hitting. I've tried a fib calculator and can't get it. Then in desperation <g> tried to do it myself. LOL Okay, if anyone has an idea of how you do this, I would welcome it. Lexi

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