GLD is similar to the GIGM trade in that is had increased risk, and I entered the trade aware of it.
GLD gapped down and had a brief two bar rally before it rolled over with bars three and four. Bar five was the narrowest range of the morning (NRM), and an inside bar. The increased risk came from the long tail on the fourth bar, and the fact that the fifth bar closed above the OR low (though it was a weak bar overall).
I entered on a break of the fifth bar low. The target was the Fibonacci extension of the previous day's high to the opening range (OR) low.
Set-up grade = "C+"
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Tags:
Trader-X, Stocks, Fibonacci, Trading, GLD
1 comment:
NIHD was a good short below the Fib extension.
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