Friday, December 19, 2008

Longer Term Fibonacci Retracement

Buddy of mine reminded me to always use Fib on a longer term to look out for hidden support and resistance.

Case in point DRYS.



Still, the four forces of the market: Structural, Fundamental, Technical and Psychology all affect the price action. Lately the negative news has less and less effect on the market, maybe Wave 4 holds?

Couple of long ideas:
GMCR using EMA instead of simple MA, I could make the count. May not work like a text book and it is just an experiment.


DV, three green arrows:



shorts:
longs: GMCR, DV

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