Last Monday we started the week with EURGBP so we will do the same this week. I was looking for a drop down the yellow box, which we got perfectly to the .382 Fib level. Didnt even wick below and we came right back up to retest the underneath of that long term trend. But it didnt test it enough for me, so id like to see it push a little higher today and tomorrow before it finds more support at the blue circle with a couple of confluences. Could be a tricky pair this as it could go either way, getting in on the short isnt a bad idea either and holding it. As with either currencies in the current climate anything can happen. Trade safe, risk management as always. GLIYF
EURGBP analysis
- Thread starter Lee-Bax
- Start date
Ratios are the same; makes no difference.
they arent upside down. im looking at the move upwards hence the 0 level at the bottom. and as monet says really makes no difference
Correctly me if I am wrong but the yellow box is for the move down from the top?
If so there is a difference. A 38.2% retracement on your chart is actually 61.8%. But carry on if you are comfortable with being opposite most.
I am contrarian myself but in a different sorta way.
So a 38.2%% retracement is the same as a 61.8% retracement huh?
A (1 - 0.382) retracement is the same as a 0.618 retracement.
Or in words, a retracement to 0.382 of the initial move is the same as a retracement of 0.618.
It's equivalent to using a ruler the "wrong way" round: it still works. I know the width of my finger isn't 29 cm.
By the way, welcome to "Elite" Trader!
They are the same points-wise ... from opposite directions. But not the same percentage-wise. It helps to be clear is all I am saying. But the majority do it one way and .....
0 is the start of retrace and 100 would be a complete retracement. If price is at X and does a full retracement is that or is that not a full 100% percent retracement? It's really not that hard.
By the way welcome after being here 12 years?
Thanks nonetheless.i have measured the move from bottom to the top as that is the move. The whole move were looking at is the start = 0 to the end = 1. The retracement is happening now which is what ive showed. a full ratracement would come back to the start=0
Try one more time and then that's it.
The yellow box is for the retracement move down from the high on the chart, right?
The move down from the high to your 38.2% level is greater than the move down to your 61.% level (which is above the 38.2%) right?
So riddle me this: how is a 38.2% retracement greater than a 61.2% retracement
In an upside down world.
Have fun.
The yellow box is for the retracement move down from the high on the chart, right?
The move down from the high to your 38.2% level is greater than the move down to your 61.% level (which is above the 38.2%) right?
So riddle me this: how is a 38.2% retracement greater than a 61.2% retracement
In an upside down world.
Have fun.