IMUGENE CHART. TA only, page-17739

Hi Gmund, no of ofense taken at all.

Candles and bars are essentially the same thing, just candles have bodies and bars have tabs otherwise no difference really. I use candles for a quick visual, I played around with heikenashi and found them great for trends but rarely use them. I also like point and figure/Renko but that's getting outside the box. I also highly favour ishimoku as a closed system. Anyone proficient with that generally always does well. But getting off topic.

I don't need to see 0.245 tagged exactly, just the general zone. It more about the bounce off the area than actually touching the fib now.

As for the interim fib, they circles were just an example of how to validate the fib being in a more accurate place as compared to an earlier chart. I posted recently, I think just 2 or 3 posts back how I verify fibs with closes on larger time frames and bounces(wicks) on small time frames. I agree that closes are the more important, I harp on about closes in just about every analysis I post. However, any time a price hits a support or resistance for the first time in a swing, as in it hasn't been touched for a while, whether it be a fib, moving average, trend line or anything else, if you watch the ticker you will generally always see a snap back from it. This is because the instant a price tags the level, stop losses or take profits are triggered. Algorithms enter and exit at these levels of programmed to do so. This action leaves its mark as a wick on smaller time frames as it popps off the level instantly. This is why I also, if I am exiting at a level will generally without fail exit a point lower. Or if entering, a point higher.

And I agree, that 0.285 is a trend line, but really that's all a fib is - a trend line at a set % of a move. Keeping in mind that in this case the fib at 0.285 was not a target level, just a resistance level, and the fib itself was just a short term interim one. Also, my second chart above is a 15min chart, pretty fast for me.

But to highlight why I believe that it is the fib at play and not a previous trend line, here is 0.285 from on the way down: nothing jumps out at me as a spike on first touch or toying with the level on subsequent passes. Just one close/open prior to the breakout below and a single close when it tried to get back across. You could drop a line anywhere in the area and get similar or better trend line imo.

When we compare that on the current swings though, it's very different. First touch was a decent smack down. Second touch was a close with an immediate gap (another small smack down). Third candle is the gap leaving a wick. 4th candle is an open. All these happened right on the level. So yes, definitely a trend line, but imo because of the fib level. I'm open any other reasons for 28.5 being an observed level, certainly not closed to the idea. I miss stuff all the time.



Now, have said all of the above, I personally would never be entering a trade there. I called my entry point around 0.19c after we bounced off the 61.8% with a target of 0.31 at 161.8% once we crossed 0. I don't think it wise to enter on a minor level like that after missing the move. Not suggesting that is what you meant, this is just a general reply to your comment "So it is a matter of confidence and using your supportive knowledge in another technique to buy/sell on that SnR zone; 'cuas you could get burnt, or miss the a gain."