@myleob
Thanks for your reply mate much appreciated, as we know Fibonachi is based on on lines that support and resistance are likely to occur, so i always try to match the fibs to existing support and resistance not always taking the high and the low sometimes by doing that it can be way off ie through a spike etc etc
Its uncanny when you look at the FMG chart below look at the coloured numbers to their respective coloured lines
Its uncanny how close to support and resistance this has played out not perfect but a great insight
Red is Zero line = 5 touches
Blue is the 23.6% = 6 touches
Purple is the 50% = 6 touches
Light blue is the 61.8% = 5 touches
Green is the 100%= 5 touches
I would say that by confirming the recent low of the candle as the 61.8% along with the other support and resistance there would be a good chance if this support failed at 61.8% now it is confirmed, you could be pretty sure that the 1414 at 100% would be a good spot to go looking for a buy if it retraced that far and visa versa at the points on its way back up if this is an actual bounce back to the upside
I like to use the HA candles just for clarity of the trend
We all have different outlooks and i appreciate your reply and explanation @myleob, and would like to thank all you guys on this forum for sharing your very informative and educational ideas
