@investa, I spent sometime looking at the chart you made but didn’t understand it. Kind of new to all this. Looked like a different method of using a Fibonacci retractment chart. If I understood it wouldn’t be asking you to explain. But thanks for your time anyway.
@RemiManwar, This chart consists of many lines. Those on the bottom have different gradients which are formed by connecting lowest edges giving us support zones in case of potential decline. We'd know where the pullbacks could take place and how far it can drop. There are also trend lines with identical angle of direction showed as dashed lines. They carry the configuration of wave - the law which can be applied to the next scenarios. Note how those trend lines begin with supportive function and at some point form resistance. Also they provide us with a signaling tool, as price breaks the edges, just like the recent drop as an example. Vertical fibonacci is used to assess the time periods as fragments of a full cycle. The blue circular fib dragged from bottom to top of a regular cycle tells us how far we went downwards from peak, that level is bright blue. That level can be taken into consideration with next wave. The sum of these rules and lines applied to a chart gives us all potential levels and directions of the market.
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