Someone asked a question in comments a few weeks ago - what do you do if you have a great setup but, in plotting your Fibonacci lines over the range (in his question, he was plotting Fibonacci lines over the morning's range on a 5-minute chart), the profit potential is not that great because the range is not that big?
In general, I would say find a better setup. Movement equals opportunity, so you want to enter a setup that has nice movement prior to your entry. However, now and then you see a setup like the one the commenter referenced, and it is hard to pass up. Wednesday I traded AG - it gapped up, but was a smaller gap than I usually have on my radar. However, the first four bars presented a compelling setup: price rose, showed strength, made an orderly pullback, and gave a nice signal with a strong candle that rallied off support from a rising 5EMA and the retracement zone (RZ). I entered on a break of the fourth bar's high.
I watched price action closely as it approached the Fibonacci extension (FE), and noticed a bullish narrow-range consolidation, so I adjusted my Fibonacci lines from the morning's range and plotted them from the previous day's low to the opening range high. This provided more profit potential (just under 4%), and the target was hit a few bars later.
Those of you who plot standard pivot lines will note that price actually rallied to R2 and then reversed for the day.
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