Yes and No?

Being 100 percent knowledgeable in any one form would most likely be enough, but since that's not likely in any case I would recommend just using it as one of several strategies

I do know of some traders who only trade using support and resistance numbers. If a support number is hit they are buying and they take profits when a resistance number is hit. However, most of these are pit traders without the luxury of monitors, computers and indicators. Fibonacci is a special case of support and resistance. Ideally, we use indicators in addition to Fibonacci to build a case for a particular trade.

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As many desire to call a top for the dollar as a result of dollar pairs taking a tumble yesterday, the Daily trend remains up. In fact, the USDCHF has a well defined trend channel (the yellow lines) where we can target a re-entry to Long this pair. Support comes in the 1.1500-1.1700 area which is the lower channel support line. We are some 300-500 pips above this area so patience is a must as prices retrace. Daily oscillators are overbought and turning down signaling weaker prices are to follow before this pair launches to new highs.

Look for price to bounce from this Fibonacci zone targeting June '07 high of 1.2467

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GBPAUD appears to have completed its 3 wave correction to the 61.8% Fibonacci support area after reaching new highs back in October. MACD is below the zero line but heading upward and Stochastics is point up as well. Look for the 2.6000 to be reached in the coming days. A break below the 2.1550 area would invalidate this bullish scenario.

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Look for GBPUSD to move violently in thin Thanksgiving trading. Look to sell any price rejection from Fibonacci resistance in the 1.5886-1.6245 areas targeting 1.4000. Be careful and always trade with stops and limits. Happy Thanksgiving.

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Hi all

I think there is a good buying opportunity in Euro/GBP. The previous strong resistance of .8221 is testing now. if the 50% Fib level of recent rally .8175 ( .7692 to .8660)holds, new high can be expected in the coming days. An eventual upside breakout through 0.8575 and on above 0.8669 ,0.8839, 0.9125 and on to parity. Suggestions are welcomes

Regards

Jewel

[quote=Jewel;216581]Hi all

I think there is a good buying opportunity in Euro/GBP. The previous strong resistance of .8221 is testing now. if the 50% Fib level of recent rally .8175 ( .7692 to .8660)holds, new high can be expected in the coming days. An eventual upside breakout through 0.8575 and on above 0.8669 ,0.8839, 0.9125 and on to parity. Suggestions are welcomes

Regards

Jewel



Looks Good To Me Jewel... I would just wait for a little bit of support to become evident before entering..

hi jewel - the 61.8 fibo looks even better - in regards to how long you could hold it- I would just be scared that a rally off .8221 would be short lived - and im saying that purely based on pattern shape.

btw- nice chart!

"X" marks the spot at the 50% Fibo. Good analysis, Jewel.
You looked for an opportunity to buy a very strong uptrend. This puts the odds in our favor when we trade in the direction of the strongest trends.

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The monthly chart of USDJPY has now closed the month below the last long term support level at 94.31 ... Next support is at 79.80.... December should be one hell of a ride to the down side. I think we'll see price at 79.80 before the month ends... With no support in site, it should be a clear drop to that level....

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Hi all,

Asked my question in the wrong thread so re-posting it here. In these times of total economic uncertainties, are fibonacci chartings still relevant ? The market is moving so fast in so many directions than it seems it can't be predicted by things like fibonacci rated.
Yet you guys are obviously comfortable with them. Or are you getting more cautious ?

Hi Jewel and Brad,

This pair has already met your 1st target so what could be next move in coming days once these interest rate cut issues are over tomm? Cheers

pair is going well but after the ECB rate cut wuld it make any high level????

SKS, I see no reversal candle on the monthly chart yet, and this pair has been sky rocketing for some time now... The trend remains bullish until we get a candlestick reversal signal on the monthly chart.

AUDCAD has now made a daily close above Resistance... Long positions have been triggered with targets at .8800 and a stop loss at .7960

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