Additional Examples of Fibonacci Confluence
Fibonacci Confluence grids as I mentioned in yesterday’s educational post “A Lesson on Fibonacci Confluence.” I wanted to share a few more examples of this powerful concept in action.
A Lesson on Fibonacci Confluence May 14
Thursday’s intraday trading action gives us a perfect example of how to use Fibonacci grids to uncover ‘hidden’ confluence zones in the market action. Let’s see how to do it and how it played out in the SPY.
Fibonacci Confluence in the NASDAQ May 1
Let’s take a quick look at the levels of Fibonacci Confluence in the NASDAQ Index as we start May, 2009. The Fibonacci grids I’ve drawn begin at the 1,280 March low level and connect three key swing highs – the colored retracements are the result of these levels and we are looking at the confluence…