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Old 01-03-2009, 10:54 AM
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Kenny Rogers Kenny Rogers is offline
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I added 2 more levels of short projected TP @ 1.3565 and 1.3325.

So on the chart I have the aqua blue horizontal lines as my projected TP for the longs, and the red horizontal lines as my projected TP for the shorts. These are all manually drawn in because it would be very difficult to program what the eye/brain can see/determine very quickly. Just using historical price action, and areas where I determine to be support and resistance.

And for kicks, I added the fibonnaci lines from the dip to the peak. It is scary how close the fib lines at the 50% retrace and the 62% retrace is to my projected TPs...which I didn't use Fibs to draw.

Maybe it is a coincidence, maybe not. I don't know the answer. And I guess if enough people use fibs, it becomes a self fulfilling prophecy.
Attached Images
File Type: gif PriceProjection.gif (16.8 KB, 96 views)
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