Chart, page-1731

Hi Writer,

I don't use rigid rules like open/close, high/low to find the levels for fibonacci bands. Rather I use some discretion to try and find the 'line of best fit' which is dictated by the previous price action. As I've highlighted on the chart below this includes areas of previous support and resistance. In this case the 38.2% and 50% level have alot of price action and corresponding volume which I find is more useful (valid) than a single price high where corresponding volume is limited. Price extremes don't necessarily seem like the best basis upon which to generate the fibonacci levels.

So I've accepted the 38.2 and 50% lines in preference over the price high in this case for these reasons. Lets see how it play out.