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Fibonacci - Easyjet EZJ


FiringSquad13

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HI everyone

 

A novice at using Fibonacci and thought I would post this chart of easyjet and see if I'm on the right track.  I have selected an entry point at 61.8 retractment.  This shows a potential good upside.  Any thoughts or pointers as to where I am going right/wrong would be appreciated.

 

chart.png

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Hi FiringSquad13,

 

If you consider yourself a novice you are very much mistaken as the Fibonacci you have applied has been used very well. This can be seen with the Fibonacci levels illustrating key levels of support or resistance as well as inflection points, where resistance becomes support later on. 

 

I would go as far as commending you your find as it does provide food for thought and the only thing I would recommend looking at would be to consider the 0 &100% levels being on the exact price of the High or Low or on the closing prices of the High and low.

 

Thanks for sharing and keep them coming!!

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