The target was the Fibonacci extension of the previous day's low to the OR high, and it was hit at the end of the day. Note how price reversed at exactly that point.
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trader-x, stocks, fibonacci, trading, winnv
Mentoring: The Key to Developing as a Trader
4 days ago
8 comments:
CHCG - way too far from the 5MA
IPAS - ditto
MBT - ditto, but seems you would have made some $$$
SNDA - not bad, it did not hit the Fibonacci extension, but a decent profit.
The 5MA is magic, I have been preaching it for months.
great patience on the entry - that made the trade for you... excellent
Timing my entries close to the 5MA has made all the difference. It is probably the most important thing I learned all year. Thanks X!
Sorry, maybe it is subjective, but I don't see how IPAS, MBT, SNDA and TGEN is close to the 5 EMA on 30 min chart.
Trader-X, can you help clarify your definition of close to 5 EMA?
Thanks
Gen
I didn't say they were close to the 5MA - I said that price was not close to the 5MA at the entry indicated.
I like to see price touching - or almost touching the 5MA. If there is a lot of space between the 5MA and price, I usually pass...
Sorry X, my bad. Misread it.
Gen
Nice trade X and, unlike myself, you didn't get scared out by the wide spread.
Actually I do - I try to avoid it at all costs. But if I make the mistake and get in, I tend to watch the action on the chart rather that the bid/ask (which would drive me crazy)...
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