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Tumultuous Fibonacci Turmoil!

Mon, Sep 3 2007, 04:40 GMT
by Anthony Samaha

ForexSurvivor

Forex & Non-Forex Department

Tumultuous Fibonacci Turmoil!

August crisis was supported by Fibo levels, and retracement was resisted by moving averages. Am I serious? How can a crisis crunched market be supported by Mr. Fibo & and resisted by Mme Moving Average (MA)? It is by nature Adam supports & Eve resists…

Will September enjoy a further losing fuss trading crunch or a 100% retracement of what had collapsed during August?

Fundamentally speaking, the crunch is not over yet and more to come. I let the great ‘guys’ narrate their defences as they are well rolling coasting the excuses navigators.

Technically speaking, we learned this month that any crunch in the market has Fibo levels to live with, trend lines, retracement, cross moving average and all sort of indicators (except overbought/oversold indicators) did work best. I was amazed by

1.                  The retracement of NZD that held at daily 50% retracement or weakened back below 200 MA,

2.                  USDJPY that did not rally above 11700 which is considered daily/weekly low,

3.                  GBPJPY that did not cross yet the 21 day MA from below,

4.                  GBPUSD that held the 200MA (although pierced to allocate the stops),

5.                  EURJPY that held well below the daily 50% of the tumble,

6.                  AUDJPY barely broke the monthly up trend line to survive the crash on 38.2% Fibo,

7.                  Dow Jones that was solidly supported (closed well above) at 61.8%  of 2007 move,

8.                  Bund that retraced towards 38.2% for 100pips and I warned that point well in my previous letter (good that no one listen), and its daily downtrend that broke only to head towards the GAP @11420 which might prove good resistance,

9.                  FTSE that broke the yearly low and is recovering to resist the MA daily 50

10.             NASDAQ that was well supported at 38.2% daily Fibo, and

11.              the list may go further to almost all securities.

So how then you want me to be convinced that there is a turmoil, crushing market, securities losses, and all fabricated negative consequences that all were supported by Fibo?

 This is the only time I noticed that those indicators performed well during my life time in trading; I am not an indicator believer as I have my own system, but it was worth paying attention to the tumultuous Fibonacci turmoil that took place during August.

Would any one stand up in any country and loud voice the why of the following query?

During the crisis, why the Dow Jones stopped its tumble at 61.8% Fibo of 2007 move?

Or how do we translate that daily MA200 held the recovery of GBPJPY? Etc…

I imagine that Messrs Les Presidents would be astonished with an eye brow elevated to the max wondering the hell is talking us about! Good Luck in the next reversal September crisis.

Anthony Samaha

Trading Engineer

*** The Potential Flows of Trading Information constitute my judgment and are not trading recommendations. ***

Published on  Mon, Sep 3 2007, 04:37 GMT