Posted by: rp on the 6th of Jan 2012 at 08:57 am
cubby- by trying it out on a few of those key peaks (reaction highs) near the market top. as i said last night, i don’t have any experience using fib time zones but i know with vertical fib retracements, where you place the starting point is not an exact science either. different traders use different levels… some use candlestick bodies only, some include the tails and wicks, etc.. i will say that i tried a couple of starting points until i got a “fit” with the other lines but again, that’s often how i use normal fib price retracements. therefore, take it with a grain (or lump) of salt.
here’s the IWM daily, fwiw….
