fantastic4, I've been researching price action for 15 years and trade for a living. I watch live charts from anywhere between 4 and 8 hours, five days a week. That being said I absolutely agree with you that psychology plays a good deal into it but there is nothing consistent about any retracement percentages. Fib retracements make general assumptions that those retracements will occur with consistency at the levels of 38.2, 50 or 61.8% but most traders will tell you that if price gets CLOSE to those percentages . . . Fibs work. That is statistical bologna. If one opens the view of those percentages by 5% on either side (which most traders do) then any retracement of between 33.2 and 66.8% is then valid. Let me stick a bug in your head. What is important is that THERE ARE ALWAYS RETRACEMENTS not how much a move will retrace. Learn to read where each retracement has completed so you can then trade with the direction of strength not EVER against it. Stop guessing at where the retracement will go and start reading what is happening with price where it IS!