Answer the three questions on your own, and read through the comments over the past week or two for some good charts and trades from readers.
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Trader-X, Stocks, Fibonacci, RYL
The Most Important Lesson in Trading Psychology
12 hours ago
6 comments:
Thanks a lot for the kind words. I look forward to your participation.
I made almost 6% on THC. Thanks for the great blog!
On these setups at the fib. extension, how do you identify your target?
Hey John,
I know you didn't ask me specifically, but I'll chime in. I usually look for possible signs of weakness (weak closing bars) as a possible sign for a reversal. You can also estimate a target by taking the distance from the high and the fib extension and adding that to the fib extension for your next target. Generally speaking though, I just look for weak bars. Since it's already gone up so much, any weakness can set off a reversal. Just my 1.5 cents.
Hey John - what Dave C. posted is what I do...
Thanks
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