Fib studies

[william_h]

I’m fairly new to Fib studies, but I have been studying the Fibmasters seminars.

I have some questions about these two charts, and would like to benefit from any comments.

On my weekly chart, I got permission to go long on my daily chart on 9/7.

My Support Retracements show an SK level at $16.13, which it passed through downward and the came back up above this $16.13 level. Is this support retracement of $16.13 still valid?

My Expansion Resistance levels show resistance at 0.618.

If I’m reading this right, I’ve got strong support at SK level $16.13 (if this support is still valid), and there seems to be some resistance at expansion level 0.168

I bought into this trade at $16.29, and am not quite sure where to place my sell stop. I’m thinking just under the retracement SK support level of $16.13, or maybe just under the 3x3 level at $15.94.

Hopefully I’ve used the correct Fib studies and placed them correctly.

Thanks,

Bill

[FibMaster]

Hi William,

I’m fairly new to Fib studies, but I have been studying the Fibmasters seminars.

I have some questions about these two charts, and would like to benefit from any comments.

On my weekly chart, I got permission to go long on my daily chart on 9/7.

My Support Retracements show an SK level at $16.13, which it passed through downward and the came back up above this $16.13 level. Is this support retracement of $16.13 still valid?


Yes, your studies are great and the support it holding for now.



My Expansion Resistance levels show resistance at 0.618.

If I’m reading this right, I’ve got strong support at SK level $16.13 (if this support is still valid), and there seems to be some resistance at expansion level 0.168

I bought into this trade at $16.29, and am not quite sure where to place my sell stop. I’m thinking just under the retracement SK support level of $16.13, or maybe just under the 3x3 level at $15.94.




Those are good levels for a stop, below SK support.


Hopefully I’ve used the correct Fib studies and placed them correctly.

Thanks,

Bill

See my attahced daily chart for CMED. There is some resistance near $17.00 and then the next one up at your .619 near $19.50 area.

If the daily TRSI crossed back done at the first resistance, it may be a good time to bank profits. It will likely take some momentum to exceed the Sept 23 high, so without that, the chart may decline again. TRSI will be strong and climbing upward if there is momentum, otherwise the daily TRSI will easily cross down again.

-Neal.

[william_h]

Thanks for your reply Neal...but the attached chart doesn't look like CMED :)

[FibMaster]

Oops! That was a forex chart.. I edited the post to show a CMED chart.. It should work for you now.