In Price Action Trading Strategy

I just logged into start my day and read a comment on the last post http://bit.ly/elyMUX that the 61.8% retracement also registered a good hit today during my downtime. Seconds later I see that the 76.4% was getting a good shove as well.

In terms of the last, there is ambiguity over which to use: 76.4 or 78.6%. I personally choose the 76.4%, as I generally see it register more hits over the long haul. For intraday trading, 76.4%, many of you know, acts as a very clean support or resistance area in terms of a topping or bottoming structure on smaller timeframes. For “runny” pairs, such as cable, I tend to allow a little more room.

While completely pointing out the obvious, I simply marked up today's decline in Euro to bring back NBT.

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