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.
Gold Inflects off Key Support – Daily Structure
old prices recently defended a critical support area. Let’s see Gold’s daily structure and note the confluence of Fibonacci and Moving Average support.
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…
Lessons from Goldman Sachs GS Daily Chart
Goldman Sachs (GS) is coming into Fibonacci resistance on a negative momentum divergence. Let’s look at this current development as well as learn a few lessons – such as a clear “Three Push” example – on its daily chart. (Click for larger image) First, let’s look at the “Three Push Reversal” pattern that formed on…
Copper Comes into Confluence Resistance
Talk about stopping a market dead in its tracks – Copper prices have reached a target area of confluence resistance that offers a favorable risk/reward ratio if the resistance holds. Let’s these forms of resistance and what they might mean. Copper Prices Daily: There’s more to see on the Daily chart at the moment. We…
Fibonacci Confluence in Apple AAPL with Target
I love drawing Fibonacci Confluence grids using a specific methodology on charts to get a better feel for possible support and resistance, particuarly after a big move. I wanted to share this Fibonacci Confluence Grid chart of Apple (AAPL) with you to note a rare triple-level of Fibonacci Confluence at the $127.50 level which should…
Projecting the Bull Flag High of April 3
If you see a potential Bull Flag setting up, do you know how to project the Profit Target? Let’s use Friday’s intraday action and the bull flag that set-up mid-day to learn how to find the price projection point of a Measured Move or Bull Flag. I described earlier how to use the Fibonacci Price…
Gold Teeters on Support Line
Gold prices are at a key support level, where just a slight push either way will lead to a breakout move. The daily moving averages and a key trendline hold the current price in the balance. Let’s look at Gold’s daily structure. A rising trend channel has developed off the October 2008 lows which carries…
US Dollar Index Pulls Back to the Cradle
The US Dollar Index is on the balance of a precipice, the resolution of which will determine its short-term structure. Right now, the Dollar Index has formed and now retraced back into the Cradle Crossover Zone. Let’s see all this on the Daily Chart: Until recently, the Dollar was in a strong uptrend, which was…