When looking for the initial point of measurement for retracement levels - do you use the line chart close, or the high/low of the day?
I always seem to get slightly different results from others when comparing my own IC analysis.
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When looking for the initial point of measurement for retracement levels - do you use the line chart close, or the high/low of the day?
I always seem to get slightly different results from others when comparing my own IC analysis.
I use highs/lows, and I've been told this by others whose opinions are more valuable than mine so its probably correct
it is interesting playing around with this though. I find occasionally that some sort of smoothing process actually fits best but thats not very scientific so probably best to just stick with the absolutes.
They are, after all, just an area for s/r - not a precise line in the sand
It all depends on what data you have & which charts that you use...