Wednesday 11 May 2011

Choppy price action and new Key levels.


In the last few days we have seen a very choppy action. Although, I have decided to redraw the Fibonacci levels the studies are still showing us a potential for bearish extension. The key level is the old daily trend line and the 50% Fib level which both provide good resistance. 

The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:

1.4527 - 61.8%

1.4401 – 50%

1.4274 – 38.2%

1.4117 – 23.6%

1.3863 – 0%



If the price hits the final resistance level of 1.3863 we should see a bounce back to 1.4117
If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.

Tomasz Gdynia

18 comments:

  1. I assume a bounce back is a good thing?

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  2. I've been holding tight to a few investments. I'll be following this, great post.

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  3. Fibonacci numbers are very interesting indeed!

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  4. Good analysis! Time will show if you are right or not.

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  5. More bounceback. I still don't know if that is good or not though.

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  6. I have to admit I don't really understand all of this.

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  7. Again really wishing I knew more about the subject but keeping up to date with this blog should help. Thanks!

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  8. Same here, the first post helps a little more though!

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  9. Have you ever seen the movie pi you kind of sound like that. I have a hard time understanding this. Seems pretty technical.

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  10. Interesting stuff here, I should do some more research to understand what you're actually doing on a more fundamental level though.

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  11. Hope the economy keeps getting better.

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  12. This seems really interesting.

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  13. can you explain how exactly Fibonacci levels/numbers can be seen in the chart? what does green line represent? and red one?

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  14. I'm not fully understanding this, but I'm getting there!

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