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Originally Posted by DaveB
Hello,
I am currently using Metatrader 4 and the fibs begin a 0 and extend to 100 (if you didn't know already  . What I need some clarification on is where to begin the extension for a buy or sell retracement. For example, the trend is heading down, there is a corrective retracement to 62% then it heads down again. Would I place 0 on the fibs at the High and extend down or would I begin by placing 0 at the Low and extend up. The same question applies to the opposite long trade.
Advice much appreciated,
Regards,
Dave |
Here's the charts from my trade this morning, target was just met, does that help?
To draw in projections from a retracement level in a downtrend draw from the low point to the retracement level to give you 161.8, the opposite in an uptrend.
Cheers
Mick