Just like I said XNVA was a good buy. Look what happend on the chart i provided. It reversed and the Gartly did it again.
Hi Gartley, You're playing with fire picking bottoms of stocks in big downtrends like this guy is. But nice job this time if you're just holding for a day or two.
THe object is to buy at the retracement and then sel off at a 0.618 retracement making a decent profit.
Cool. I didn't know the ground rules. I was just looking at the chart based on what I look for is all. Good luck!
The rules are simple: to find a confluence of fib numbers that fall in the same general area from different swings. The retracements can be internal like a .382 or a .618, or an external retracement like a 1.272 or a 1.618. It doesn't necessarily need to be a .618 like gartley suggests however. I never could make it work for me though.
sarasota's statement is true however i was satating that when i buy or sell my profit retracement target i look for is the .618 . it tends to be a good retracement to sell or when shorting buy back. so sarasota do some more research and maybe it will work for you.
I am sorry I misunderstood. Many times I quickly read a post and then reply. The .618 is the common profit objective as taught by Larry Pesavento and his followers. As far as the method, I have done all the research I need, and I have something that works better for me than the fibs.