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DEFINITION OF 'FIBONACCI RETRACEMENT'
A term used in technical analysis that refers to areas of support (price stops going lower) or resistance (price stops going higher). The Fibonacci retracement is the potential retracement of a financial asset's original move in price. Fibonacci retracements use horizontal lines to indicate areas of support or resistance at the key Fibonacci levels before it continues in the original direction. These levels are created by drawing a trendline between two extreme points and then dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% and 100%.
Can you help answer these questions from other members on NexusFi?
Watched the video. Liked it. but still don't understand how the those numbers are derived, knowing that fibs are 1,3,5,8,13,21,34,55,89,144 and so forth.
I'm gonna go mess the arc! yessss... the arc.
"Napoleans severest comment on his beaten enemies - that they "saw to many things at once""- Hart
Theres a bunch of stuff about the golden mean and fibs here. I think it has to do with dividing fibs into each other with a dash of the phi ratio and oregeno and GOD.
perhaps sarge will enlighten us
"Napoleans severest comment on his beaten enemies - that they "saw to many things at once""- Hart
Divide 21 by the next number in the sequence, in this case 34. You get 0.618.
Divide 21 by the next number in the sequence, in this case 55. You get 0.382.
Divide 21 by the next number in the sequence, in this case 89. You get 0.236.
