Sunday, April 19, 2009

Euro/Greenback update

With regards to the Euro/Greenback, according to Action Forex, I need to be looking at 1.2945/55 as a possible profit objective for my trades. They say it is also 61.8% retracement of the move from 1.2456 to 1.3737. Here is what I am guessing they used as their Fibonacci placement points in the chart I drew below:

Below is what I used for my Fib points...but who am I compared to Action Forex? I just wish I could ask them why they used the bar that they did for their 0%. Below is what I use, and that's why I identified 1.29765.

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