Wednesday, November 26, 2008
Power Course Instructor’s Response:Yes.
That is the way that the Fibonacci tool would be used in a downtrend.
Keep in mind, however, that price can retrace beyond the 50.0% level.
Wait until at least two wicks break above the 50% level before making
the determination to take a short position. A stop can be placed a bit
above the highest wick in the formation.Also, for the most
accurate... [read more]
posted by forexgentrade,
in downtrend, Fibonacci tool, ForexGen Introducing Brokers, ForexGen trading, short position, uptrend
@ 2:28 PM,
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