Directional
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I'm not sure that 50% can be based on the golden ratio...
Directional
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from investopedia:
The 50% retracement level is not really a Fibonacci ratio, but it is used because of the overwhelming tendency for an asset to continue in a certain direction once it completes a 50% retracement.
The 50% retracement level is not really a Fibonacci ratio, but it is used because of the overwhelming tendency for an asset to continue in a certain direction once it completes a 50% retracement.
timsk
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Split',
As Martin's quote suggests, I don't think it is technically a true Fib level as such, but it is looked at by many traders and, therefore, it's included in many charting packages as part of the Fib' retracement tool. If you use ProRealTime (it's free) - they've got it in theirs. That's all I was alluding to 'on another thread'!
Tim.
shadowninja
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Hm I'm off to find a package that doesn't put 50% as a fib retracement, now!
Split',
As Martin's quote suggests, I don't think it is technically a true Fib level as such, but it is looked at by many traders and, therefore, it's included in many charting packages as part of the Fib' retracement tool. If you use ProRealTime (it's free) - they've got it in theirs. That's all I was alluding to 'on another thread'!
Tim.
I knew that, Tim. It was a ploy to get you over here. I guessed that you would bite.
What Charlton said was right, about taking the arguments to another thread. That's what I'll try, in future, myself. Hope I'm not the only one.
Take care and good trading.
Split
Split',
As Martin's quote suggests, I don't think it is technically a true Fib level as such, but it is looked at by many traders and, therefore, it's included in many charting packages as part of the Fib' retracement tool. If you use ProRealTime (it's free) - they've got it in theirs. That's all I was alluding to 'on another thread'!
Tim.
Ah, my logic is my "edge".
I thought that you may have read Mr Charts thread this morning where Charlton commented that it would be better to take arguments to another thread, instead of spoiling the existing one for those following it.
Then, when I saw your post on the 50% Fib (as you know, I'm not a great lover of S&R, Fibs, etc, but I do know that 50% is just another traders' idea without foundation) and not wanting to spoil the thread that you were currently on I thought that I would try an experiment for my own benefit. It does work!
Anyway, give it no more thought.
