use of fibonacci ratio for targets,,,recent examples

Mr rajnish kumar wrote

quote:how to use fibonacci in intraday trading in nifty. if you explain with 7 may 09 chart it will be helpfull to me to understand the concept

unquote:u choose a difficult day for me to explain , my concept,, 7th may was ( almost for the whole day) non trending day.in so many stocks , intraday charts were suggesting a triangular move.use of my concept is when a clear up or down trending market is there. but look at this intraday chart , first:::::::::::::::::::::::::::::::

See that,the last leg of 6th may fall in this 3 min chart was retraced by 2.618% on 7th may.when nifty moved up in the morning n those levels proved tobe strong resistance area for the whole day.now have a look at this one.

As we all know nifty is in a strong upmove.now on 6th may in the last sessions it tanked down heavily ,touching low at 3609 something.since the strong upmove was disturbed ,here we take last leg of the upmove which was from 3636--3717 as u can see in this 15 min chart,,now chk todays low which was around 3586,, this low was exact 1.618% of the last leg of the upmove.....

Now have a look at this last chart.

although ,this might not be the exact fit to my use of the system i explained earlier,,but my messege is try to learn something different and purpose ,,to show fibonacci ratios presence everywhere....after 6th mays fall,nifty opened higher,and again tanked,,but made a higher bottom at 3633,,so if u consider this as a last downmove--as 1 leg of fall started on 6th...look at todays high..exact 1.618% of that leg from 3680--3633..hope readers understand this new application of fibonacci ratios.and since yesterdays move seemed to be triangular move fibonacci ratios 61.8% were present in almost all legs with its prior leg. jaisainath...