Just as it happens so many times, we have a retest of the low into a higher time frame support or symmetry and the market stalls at one of the fibonacci numbers and turns on a dime.
Today as the market retested the low around 11:15am it did come down to the .786 retracement and couldn't make it thru the low pivot of 10:45 and back in your face it came...the trials of a daytrading maniac. But by using and understanding fib levels you can enter your setup.....manage the trade and of course stay out of trouble.
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3 comments:
eww fibs, hows the house?
-j
Great sequence of examples. Thanks Dennis.
Juan.
Dennis,
Can you talk about or give examples of the fibs and symm on the higher time frames....15 min?
thanks,
MarioM
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