Place fibs from early pivot high/low and trade the opening range breakout (ORBO) or pullback to the R-zone.
Recently, most of these trades generate 50-100% extension and retrace, because the markets are range bound and can't get any traction.
Planned Trade:
After the Breakout Trades, I look to the 15 minute timeframe for some higher quality setups that have a better chance to run. Yesterday I posted this chart of RIMM.
And today, after the initial test of the PDL, it retraced to the R-zone, but couldn't close above Fib. 50%, so it was just a matter of time, before it fell back down.
4 comments:
Jamie,
Nice trades. I especially like the trade you had in RIMM (15 MIN). It is always nice to see that a chart I have analyzed winds up on your site. It makes me feel like I am getting somewhere.
I can't wait to see what you have tomorrow.
Thanks,
Tyler
49.40 was 50% retracement of the last 6 day uptrend.
Thanks Tyler,
A few trade ideas for tomorrow posted above.
JF,
Good observation!
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