Three different views of the same chart for you to ponder over the weekend. This setup happens many times a week.
Fibonacci lines plotted from the previous day's close to the current day's open. My thoughts - strong first bar, orderly pullback, no resistance to the Fibonacci extension (FE).
Fibonacci lines plotted over the high/low of the opening range. My thoughts - orderly pullback that didn't break the 50% retracement of the opening bar's range, "hammer-type" candles with (bullish) long lower tails.
The horizontal line represents a "whole number" - $19. My thoughts - nice target that corresponds with the FE mentioned on chart #1 above.
My actual entry was a break of the fifth bar high. My exit was $19.
Trading 27-April-2016 (+ $66)
22 hours ago