| Papertrade along with
these charting lessons and set up!
Update Monday, August
25th.
The September Canadian Dollar chart shows
a potential chart set up we could keep an eye on: the 62% Fibonacci
Retracement Level was an area where buyers stepped in back in July
23rd. It could again be a support level.
While we should not assume that prices
will bounce at certain levels, we can plan to a certain degree and be
aware that certain price levels could indeed yield up set ups. Such
is the case with the Euro FX chart below.
The 76% Fibonacci Retracement Level is
also a common number: look back to early April '03 when it was
resistance. Remember, the rules of support and resistance tells us
that what was once support is now resistance and what was resistance is
now support. Think of it as a 10 story building: what is one
office's floor is the ceiling for the office below.
 
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