iCharts Discussions

[Ravi_S]

Another NVK setup in the one hour chart... Did not trade that... But what a setup... I like the way the price obeys Fibonacci retracement rules...

1. After the NVK was formed, it took a break at around 38.2% (1.2844)
2. After that it took another break at 50% ( 1.2880)
3. It was oscillating between 61.8 and 50% for quite some time
4. Then broke out and exactly touched 78.6%.

All this happened in a day and a half...

1. Then came the doji, and price retraced back to 61.8, the next hour it stopped at 50% and the next hour it touched 23.6% and then it formed the doji in 5 mins which was put in this forum..

If somebody wants to study Fib... this is the chart...

Regards
Ravi

[mbn]

thats a nice explanation.keep up the goodwork