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Tuesday, January 31, 2006

Beyond the Fibonacci extension

I have talked about the Fibonacci extension in the past, and how there are good opportunities when price sets-up on or above that level. I don't find these every day, and I don't take them all; but, they are good opportunities that you can add to your "arsenal".

TECH; 15-minute chart



Two nice, narrow range bars just below the Fibonacci extension of yesterday's high to the opening range low...sometimes the stock just falls off a cliff!

As always, USE STOPS!
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Posted by Trader-X at 7:30 PM

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DISCLAIMER - I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES; I JUST POST MY THOUGHTS, TRADES, AND OPINIONS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS. ALL CHARTS ARE COURTESY OF REALTICK. ALL TIMES INDICATED ARE NY (EST).