Lets say there is an upward movement, like now on Cable.

The large, in the time of writing is 1.7726.

Before the transfer there was a range between 1.7564 and 1.7601

What exactly reduced value do you use in order to get the retracement levels for this very long movement? The base of the range or the top? The range in question was that the London session ahead of the break long.

I have always tended to go for the base of the range, though would be interested to hear comments.

Maybe one could do both and wind up with zones for every degree rather than trying to become anal about pinpointing the degree.

A good trading week ahead to all.