EURGBP analysis

[Lee-Bax]

Look i think it all depends on how you look at Fibs. For me the greater number should be higher up, as its closer to the end of the move. the lower the number the deeper the retrace. if it work sit works theres no one way to trade you should know that if you have experience. Show me a bible of trading that says it HAS to be that way and i might reconsider. thanks for replying

 

[SunTrader]

Look i think it all depends on how you look at Fibs. For me the greater number should be higher up, as its closer to the end of the move. the lower the number the deeper the retrace. if it work sit works theres no one way to trade you should know that if you have experience. Show me a bible of trading that says it HAS to be that way and i might reconsider. thanks for replying

Like I said previously, carry on if you are comfortable with it.

Just that when you explain it online for others to understand you are doing it the opposite way. Of course there is always going to be at least one other agreeing with you.

But a full retracement is 100%. 0 at the top and 100% at the bottom for a downtrend - other way around for a uptrend. The move you were looking at was from the high down, not low up.

Now once price hit yellow box and retraced if you wanted to then gauge how much the new uptrend would retrace back to the top, the 0 level would be at the swing low/yellow box area and the 100 would be back up at the top of chart.

0 to 100, 100 to 0 depending on price direction and particular move that is being looked at.

But once more do what you prefer but know almost all others do it the way it is meant to be.