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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: Challo Jeregy who wrote (31117)	4/22/2012 6:54:42 PM
From: Wayners	Read Replies (2) \| Respond to of 224421

Look at Fibonnacci retracement level of .618 retracement.

To: Challo Jeregy who wrote (31117)	4/22/2012 9:55:24 PM
From: GROUND ZERO™	Read Replies (1) \| Respond to of 224421

Goodness, not at all, in fact I very much appreciate your participation and your post, this thread is open to everyone to discuss any and all market perspectives... actually, your question about cup and handles is a very excellent question, in fact now that you raise the question, I wonder the same thing... my thread is your thread, so feel welcome and enjoy...<g> GZ

To: Challo Jeregy who wrote (31117)	4/23/2012 8:07:38 PM
From: Wayners	Read Replies (2) \| Respond to of 224421

I get $6.91 for .618 retrace. It's calculated from the last major daily low of $5.00 and the high was around $10.00 so .618 x (10 - 5)=3.09, so priced need to drop 3.09 from the high of around $10 to get to the .618 level. Now don't get too excited because while .618 gives you the best odds...there is something in the human psychology that makes people who bought near the highs of $10 sell to those who know the psychology at exactly .618. Stops are always highly recommended. Personally I don't like to play the pick the bottom game. BAC is getting support at the 20 and 50 week moving averages...these often get pierced on the second hit of them. 5 week MA is down...I prefer to let prices close above that MA and then retest the 5 week MA before buying. I guess I would also buy if I saw a reversal up off of $7.00.