SPECIALIZED FIBONACCI OBSERVANCES
Fibonacci (Fibs) has been my favorite technique of all times, and due to my
mindset I always have a mental filter looking to see how it can be adopted to
whatever I am doing (including non-trading related things).
This section will not cover Fibonacci theory; for that go read the section
explaining Fibonacci in my eBook "Forex Surfing" (I also intend to one day
get around to writing a detailed eBook teaching just about everything I know
about Fibonacci including its advanced concepts). In this section I assume
you are already familiar with these concepts so I won't review much.
To start off let me be very clear hear that you will not be using standard
Fibonacci theory directly as a trading methodology for scalping. What I will
describe here are some observations about the behavior of the markets (from a
scalping perspective) that some concepts of Fibonacci theory helps to
support. Furthermore, this particular section isn't so much about specific
entry/exit points (though it certainly can be used to help you make such
decisions), but rather to help you to learn to evaluate the strength of a
particular trend, and to justify some stop levels.
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