Cable: Measuring Fibonacci From Where ?

Discussion in 'Technical Analysis' started by hagadol, Apr 17, 2006.

  1. hagadol


    Lets say there is an upward move, like today on Cable.

    The high, at the time of writing is 1.7726.

    Prior to the move there was a range between 1.7564 and 1.7601

    So what lower value do you use in order to get the retracement levels for this long move ? The bottom of the range or the top ? The range in question was the London session prior to the break long.

    I have always tended to go for the bottom of the range, though would be interested to hear comments.

    Perhaps one could do both and end up with zones for each level rather than trying to get anal about pinpointing the level.

    A good trading week ahead to all.