Dow Fibonacci entry

 

Here is an example of a potential entry based on a fibonacci retracement (thin purple lines).

This is how the market looked at about 7 am NY time.

 

Targets were estimated based on the fibonacci expansion levels (thick black lines) of the same move.

The idea is that many times the 100 expansion level is reached.

As we talk more about bollinger bands, we’ll see that there was another reason for the entry, even if only for a quicker “scalp”

 

DOW-MAR16.M5DOW-MAR16.M5-2

 

 

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