Yesterday (and in the past), I talked about Fibonacci extensions and how if price moves through that area with strength/sets-up above the extension, there is a high probability for a continued move.
Today, SMTS provides a textbook example - the third bar closes above the Fibonacci extension and the following bars narrow in range, culminating with the sixth bar forming a hammer and again closing (just) above the Fibonacci extension.
SMTS proceeds to run another $1.65 from that point to the high.
No comments:
Post a Comment