Fib are quite easy when you get your head around them. I'm not saying they are fool proof but they help you become a better trader by understanding the support and resistance levels after a high or a move up from a low.
I also recommend you download the free software package from Incrd Charts and play around with it a few hours a night. Look at stoc's, MACD's, RSI's, EMA's DMI's, weekly charts and monthly's. Lock in a 8 day EMA and a 3 day WMA and watch for the cross over of the MA's. It also has a Fib tool where you simply point your cursor on the top of a recent trend and drag it down to the low to get your fib levels.
I'm basically a fundamentals type of investor/trader and would never enter a stock where the long term fundamentals were unable to overrule the ST pessimistic view's of the market. IMO this is how you pick up bargain companies and there are a few out there at the moment. In my opinion, MGX's medium and long fundamentals are well intact, even though the market can't see value, yet.
Hope this helps. Any questions feel free to ask.
MGX Price at posting:
40.0¢ Sentiment: Buy Disclosure: Held
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