BWLD - I have never eaten there, but I do trade the stock.
I entered on a break of the sixth bar's high, with a first target of the Fibonacci extension (FE). Price broke through that level and made a nice pullback to test it as support.
Had price broke below the 18th bar's low (marked with the second arrow), I would have closed the position for a small gain (I gave it this additional latitude because I figured the $51 whole number would provide additional support). Price held and resumed the rally, cutting through $52, and I closed the position at $52.50 for ~4% gain.
note - ignore the horizontal white line above the $47 level - it is left over from another chart and does not apply. Fibonacci lines were plotted from the previous day's close to the current day's open.
A Simple Mistake Traders Make
11 hours ago