Fibonacci Extension from yesterday's low to 15 minute ORH as per Trader-X Fibonacci Holy Grail - # 2. The trade sets up when you see a tradable candlestick reversal pattern at one of the Fib. retracement lines.Wait for candles to complete and confirm the setup, don't anticipate. Partial when price retests ORH and hopefully an extension will develop, notwithstanding a bearish reversal pattern.
8 comments:
Nice trade. I thought you were going to trade ABX. I like how the VIX is coming down--the market isn't so chaotic now.
Thanks Rick,
Yeah, the volatility break takes getting used to. Some trades feel like they are moving in slow motion, but still easier to manage.
Did not trade ABX today. I went with AEM instead, but only in the retirement account. Holding half overnight.
Also traded V in sympathy with MA earnings. Perfect bull flag formation on declining volume on 15 min. timeframe.
Jamie,
Great setup! I had a similar entry in MS today. An experiment using your moving averages and Trader X fib.
Tyler
I was hitting myself after not believing the retracement opportunity
Nice work Tyler. Also, like the program you developed for automatic Fib. lines based on previous day's range.
Q4,
Know how that feels.
Jamie,
For your V trade, is your entry on break of 6th bar high on 15min chart or earlier on break of 10.45am 5 min bar high as it completes the bullish morning star reversal pattern? Thanks
YR,
My entry for V was 15 min. break of $56.50.
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