October 2008
Intermediate to advanced
285 pages
7h 52m
English
Content preview from High Probability Trading Strategies
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CHAPTER 4
Beyond Fib Retracements
High Probability Price Targets for Support/Resistance and Trend Reversal
In this chapter, you will learn new and unique ways to project in advance very narrow-range price targets for any market condition. The Dynamic Price Strategies you learn will put you miles ahead of traders who only use typical Fibonacci retracements.
Are you ready to learn how to identify in advance narrow-range price zones for trend and countertrend reversal? I'm not talking about just identifying support and resistance. I'm going to take you beyond simple support and resistance and teach you how to project high probability trend reversal price targets for any market and any time frame. That's information every trader can use every day and make an important part of a trading plan.
Many trading books talk about Fibonacci (Fib) retracements and imbue them with magical properties that will result in endlessly profitable trade strategies. Fib retracements by themselves can be useful, but they are only entry-level price strategies compared to the more comprehensive Dynamic Price Strategies you will learn in this chapter. Fib retracements are only one type of price technique and fail to include key ratios for a complete price strategy approach.
Most trading software includes a Fib retracement routine. While many corrective highs and lows are made at Fib retracements, most traders have not been taught how to identify in advance which retracement is likely to be support, resistance, ...