RE: Crypto Academy / Season 3 / Week 2 - Homework Post for @yohan2on by @juanjo09 / Trading with the Fibonacci Retracement levels
Hi @juanjo09
Thanks for participating in the Steemit Crypto Academy
Feedback
| Definition | Application of the Fibonacci on the charts | Screenshots used | content presentation & Trade management |
|---|---|---|---|
| 2/2 | 0/3 | 0/2 | 1/3 |
This is under average content. You wrongly plotted the Fibonacci retracement levels. In the uptrend, the 0 level has to be up so that the tool can aid you in identifying the different retracement levels downwards from its normal upward movement.
This is how it was meant to be
In a downtrend, you notice that it is plotted on 2 points, the previous high price point(Q) and the most recent bottom price(Point A). If I want to determine the retracement at point B, I would simply drag the 0 level to point A and watch price action at the different retracement levels as the markets pull back. I will do so in order to have a good sell entry since a strong bear market.
Homework task
3
I see, you are very right, I overlooked him. Thank you very much teacher.