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Drawing Fib Lines

Drawing Fib Lines

2009-11-18 00:36:00
Richard Krivo, Trading Instructor
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Instructor's Comment:

Take a look at the AUDUSD Daily chart below...

Because the pair is in an uptrend, we would draw our Fib line from a recent Swing Low to a Swing High. (In a downtrend it would be the reverse.) We then can identify the potential levels to which the pair may retrace prior to moving back in the direction of the Daily trend...should in fact that occur.

chart 11 17 09


 

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