Just like I said XNVA was a good buy. Look what happend on the chart i provided. It reversed and the Gartly did it again.
OH what a lovely reversal
- Thread starter gartley222
- Start date
Hi Gartley,
You're playing with fire picking bottoms of stocks in big downtrends like this guy is. But nice job this time if you're just holding for a day or two.
You're playing with fire picking bottoms of stocks in big downtrends like this guy is. But nice job this time if you're just holding for a day or two.
THe object is to buy at the retracement and then sel off at a 0.618 retracement making a decent profit.
Cool. I didn't know the ground rules. I was just looking at the chart based on what I look for is all.
Good luck!
The rules are simple: to find a confluence of fib numbers that fall in the same general area from different swings. The retracements can be internal like a .382 or a .618, or an external retracement like a 1.272 or a 1.618. It doesn't necessarily need to be a .618 like gartley suggests however.
I never could make it work for me though.
I never could make it work for me though.
sarasota's statement is true however i was satating that when i buy or sell my profit retracement target i look for is the .618 . it tends to be a good retracement to sell or when shorting buy back. so sarasota do some more research and maybe it will work for you.