I did trade today, and missed a lot of opportunities. But I caught PLXS, which was another "U" set-up.
Price gapped up, fell to the retracement zone which provided support, and rallied from there. The third and fourth bars printed higher lows and higher highs, and I entered on a break of the fourth bar high*. The target was the Fibonacci extension of the previous day's low to the OR high, and it was hit two bars later.
*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.
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Tags:
trader-x, stocks, fibonacci, trading, plxs
2 comments:
Tom C: Great trade. I too felt that I missed many opportunities today -- I guess it was just one of those days. Thanks for posting your trades -- lots of great stuff!
nice trading. Tom, that chart has a weird volume pattern
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