AMZN successfully tested gap support on the ORL. On the 5 min. timeframe enter long at $124. Scale out as depicted on chart above.
RIMM gapped down and tested support at $52.20 (middle blue line on the daily) on OR. Short on break of ORL. Took a partial and holding half into tomorrow.I will add to the position if RIMM retraces back towards downsloping 50 MA and reverses.
2 comments:
hey guys,
I just wanted to say that I love your updates and charts. Great analysis every day, and I'm learning a lot from your setups!
Quick question, if you have a minute: how do you decide where to draw your fib levels? For example on the RIMM chart above, I can't figure out what made you pick the high of the opening candle on Aug 13, to the low of the opening candle on Aug 16... is this a common area to place your Fib 0 and 100%? Just curious... any insight would be greatly appreciated!
Thanks for your help!
cheers!
Hi Catherine,
Thanks for the kind words.
I've just published a post on basic Fibonacci Placement. This has been a topic of interest amongst readers lately so I hope the examples I've outlined answer everyone's questions.
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