*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, cfhi
3 comments:
Hi X,
Nice trade! I noticed the looooong mid day consolidation and I would have exited after a little while. Do you always stay with the position till it 1. hits a fib or 2. hits your stop?
Thanks,
Socal
Socal - not necessarily. But it is hard to say when I would and would not exit early - it is more feel than anything. I liked the action in CFHI as it drifted sideways but down - and was below the OR low. I felt confident it would break...
I have to learn more patience and discipline.
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