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”
This was a short scalp on MT4’s mobile app based on 5 minute Dow CFD
Entry was on first marked candle, the exit was on the second
This was a risky trade, against momentum. We need to be very nimble with a trade like this.
Price screamed higher after my exit.
Therefore, the profit target was the mid band, at most
Hello all,
I didn’t do all that much analysis on these pairs, however I took a shot last night. Entered at market and placed a stop loss and take profit for each.
These were based on triangles. Playing into a triangle and breaking out of a triangle.
I closed them both manually in the morning for less than the initial take profit.
Charts101 Trading 