Tools: Fibonacci Retracement
The cursor will change to a pencil while in the draw mode. Fibonacci Retracements indicate possible time and price movements from important highs and lows. A start and end point are necessary to draw Fibonacci Retracements on a chart. The distance between the start and end points is divided into Fibonacci Levels that suggest support and resistance points. Diagonal time lines mirror the marked trend and suggest the wave time of the next move. To draw Fibonacci Retracements on a chart move the cursor on the chart to the starting point. The starting point is generally an important high or low on the chart. Then drag the mouse to the ending point. The ending point is usually the end of an important trend or correction following the starting point. The retracement levels and time mirror lines will extend on the chart. Watch for the completion of a trend or correction at the Fibonacci Levels. The mirror lines extend at a one-by-one, two-by-one, and one-by- two relation to the slope of the start and end point line.
Adjusting: Re-selecting the lines will activate the ability to move and adjust them to a different location. Click the mouse on the start or end point to activate the lines. The cursor will change to a pencil and square bullets will mark the original start and end points. Drag the square bullets to a new location and the Fibonacci Retracements will adjust.
The same properties window for Fibonacci Levels applies to Fibonacci Retracements.
read more » Fibonacci Levels
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Last modified 8/4/11 3:28 PM